WARWICK – The residential real estate market in Rhode Island continued along its brisk pace in May, ending the month with a nearly 19 percent increase in sales activity for single-family houses, according to the Rhode Island Association of Realtors.
The single-family home median sale price rose 5.1 percent to $239,000, the association reported. Sales in May included 986 closings, representing the 18th consecutive month of increased activity, the association said.
Pending sales also rose in this category, indicating the buying will continue, according to Art Yatsko, association state president.
“Even people who lose their home due to job loss or some other financial issue during the recession are now able to get back into the market again,” he said, in a news release. “Consumers on both sides of the transaction are seeing the value in making a move.”
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Among condominiums, 177 units sold through May, representing a 10.6 percent increase in volume compared with May 2015. The median price declined to $199,900, which Yatkso characterized as not necessarily part of an enduring trend.
“Median sales price in the condo market is often up one month and down the next,” he said.
In the multifamily market, Rhode Island had another robust month.
Buyers snapped up 118 buildings, an increase of nearly 30 percent. The median price rose 18.4 percent to $180,000.
http://www.pbn.com/Realtors-R-I-homes-market-continues-recovery-in-May,1...
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