RI Realtors Say Housing Prices Increased in October
Thursday, November 21, 2019
The median price of Rhode Island single-family homes sold in October reached $287,225, a 5.7 percent increase from 12 months earlier, the Rhode Island Association of Realtors announced on Thursday.
“Sales activity slowed down a bit in 2018 following two record-breaking years but activity is on the upswing again. We’ve seen more home sales in the first ten months of the year this year than last, and the number of sales put under contract and expected to close in the coming months has also been rising," said Shannon Buss, President of the Rhode Island Association of Realtors.
Buss added, "Though home prices have increased, this year’s reduced interest rates have helped keep buyers in the market. Still, sellers have an advantage because demand continues to outstrip supply.”
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTThe number of completed sales has also risen by 3.5 percent, while the number of days a home remained on the market grew to 61.
October Numbers
According to the Realtors, the median price of multifamily properties grew to $275,000 in October, a 9.6 percent increase from 2018.
In total, there were 188 multifamily homes sold last month compared to 190 from 12 months earlier.
The median price of condominiums sold in October rose by 23.3 percent from the prior year, while sales dropped by 10.2 percent.
The number of days that units stayed on the market increased by 31.9 percent.
“There’s no doubt that 2019 will be another historically strong year for home sales and we’re optimistic about the year ahead. The economy continues to move in a positive direction and all indications are that interest rates will remain low,” said Buss.
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