Rhode Island Third Quarter Home Sales and Prices Rise

  Both nationally, and here in Rhode Island, Realtor groups are reporting encouraging numbers.  According to The National Association of Realtors, prices in most metro areas grew significantly in the third quarter, with the median price rising at its fastest pace in nearly eight years. During the same period,  The Rhode Island Association of Realtors reported single-family home sales rose 19%, with prices gaining 10% and September’s 16% year over year price increase marked the 12^th consecutive month of increases and 25 months of increased sales.   Distressed sales fell 13% and accounted for 17 % of total sales, down from 23% in the third quarter of 2012. The condo market has really come back strong this year, with sales activity rising 57% from the third quarter of 2012 and median price rising 7%. Distressed sales fell from 50% of all sales in 2012 to 15 % of third quarter sales this year. Year-over-year condominium sales rose 32 % in September while the median price rose 10 percent. The multi-family market also showed signs of rebound with sales activity up 6% and median price rising 17% to $140,000 while distressed sales fell 26% to 32% of all sales.