Home prices rise in Rhode Island, but sales are down
The median sale price of a single-family home in October was $271,750, a nearly 3 percent increase.
PROVIDENCE — Realtors say the median sales price of homes in the Rhode Island continues to rise, but overall sales activity has decreased.
The Rhode Island Association of Realtors said this week that the median sale price of a single-family home in October was $271,750, nearly 3 percent higher than last October.
But the association says closing activity was down nearly 7 percent from the prior year with a roughly 5 percent increase in housing inventory.
The association also reports that the median price of multifamily home sales rose 14 percent to $250,950 and saw increased sales activity, while condominiums experienced ‘‘marginal’’ drops in median price and sales activity in October.
Dean deTonnancourt, association president, said the numbers suggest Rhode Island’s housing market is becoming more ‘‘balanced.’’
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