R.I. house sales fall, prices surge
CORRECTION: An earlier version of this story had the percent increase in median sales price of single-family houses incorrect.
WARWICK The number of single-family houses that sold in Rhode Island during the second quarter of the year dropped by almost 20% compared to a year ago, while buyers competing for fewer houses drove up the median sales price to $300,000 for the first time ever, according to the Rhode Island Association of Realtors.
A total of 2,456 houses sold in April, May and June in 2020, compared to 3,060 in the same period last year, a decrease of 19.7%, figures the association made public Wednesday show.
At the same time, the median sales prices half sold for more, half for less rose 4.2%, from $291,450 to $303,750.
The numbers reveal rebounding demand after the coronavirus pandemic put a damper on the housing market, according to association president Shannon Buss. “At this point, the only thing that seems to be holding sales back at all is the shortage of inventory.”
The association reported the figures, drawn from its State-Wide Multiple Listing Service, show buyers from higher-priced, out-of-state areas.
Despite the overall slowdown in sales, 59 New Yorkers bought real estate during the second quarter of 2020, barely down from the 60 in the same period a year earlier.
Massachusetts buyers accounted for 367 sales this year, down from 392 last year, a drop of only 6.4%.
For the same period, the association reported condominium sales fell 38.2%, from 684 to 423, while prices rose 6.7%, from $230,250 to $245,750.
Multi-unit house sales declined 29.0%, from 480 to 341, while prices rose 12.2%, from $263,000 to $295,000.
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