Rhode Island Home Sales and Prices Increase in the Second Quarter

Spring typically is the busiest home buying season, and that is certainly reflected in the latest numbers from the Rhode Island Association of Realtors (RIAR). Low inventory and the threat of rising interest rates are bringing a sense of urgency among buyers for quality homes that are well priced. Single-family home sales rose 15% in the second quarter of 2013 compared with the same period last year while the median sales price increased 10%, according to RIAR. The median sales price of $209,900 was the highest since the second quarter of 2010, when the expiration of federal stimulus tax credits drove a spike in sales. The 2012 second quarter median sale price was $190,500. Condominium sales rose 28% from the second quarter of 2012. 474 condominiums sold in the second quarter compared with 371 in 2012. The median condominium sale price rose 20% to $202,750 in the second quarter from $170,000 last year. Multi-family building sales, increased 2% from the first quarter of last year. 347 multi-family properties sold in the second quarter compared with 340 in the second quarter of 2012. A decline in the volume of distressed sales helped boost the median multi-family sale price 5 percent. The median multi-family sale price in the second quarter was $126,000, up from $120,000 in the second quarter of last year.