September 29, 2022
The AVERAGE PRICE of single-family houses offered in Rhode Island continued to rise 3.9% year-on-year in August, whereas gross sales declined for the island’s seventh month, the Rhode Island Realtors Affiliation mentioned Wednesday. / AP FILE PHOTO / STEVEN SENN

WARRWICK – The median value of single-family houses offered in Rhode Island continued to rise in August, up 3.9% year-on-year as gross sales fell for the seventh straight month, the Rhode Island Realtors Affiliation mentioned Wednesday.

The median promoting value in August rose to $405,000 and the variety of houses offered fell 11.4% to 970 from the identical month final yr.

The affiliation mentioned there have been 1,483 single-family houses on the checklist in August. The availability of houses on the market final month was 15.8% lower than 12 months in the past.

“Whereas inventories are rising barely, choices are nonetheless extraordinarily restricted. That, and rising mortgage charges, are lowering the variety of consumers out there,” mentioned Agueda Del Borgo, president of the Rhode Island Affiliation of Realtors. “Nonetheless, there could also be choices, even at larger charges, to lock in steady housing funds by homeownership and thus have an opportunity to amass wealth by house fairness. Additionally they must know that if they’re ready for a big drop in costs, it in all probability will not occur anytime quickly given the housing scarcity.”

Condominium gross sales fell 17.7% to 172 year-on-year in August, whereas multi-family house gross sales throughout that point had been down 10.8% to 198. The median condominium sale value rose 15.2% to 313,338 {dollars}, and the sale value of an house constructing rose by 10.9% to 424,500 {dollars}.

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