WARWICK – The sale of single-family homes continued to rise in October but is showing signs of slowing, according to the most recent monthly report from the Rhode Island Association of Realtors. Closings of single-family houses increased 4.82 percent last month on a year-over-year basis, to 956 units, according to the data. The median price rose for the 12th consecutive month, to $235,000. The market continues to tighten in many Ocean State communities, tipping into a seller’s market around much of metro Providence, defined as having fewer than six months’ supply of listings, based on current sales trends. The number of single-family homes available for sale has fallen from the previous year every month since December 2014, with the exception of February 2016, said Brenda Marchwicki, the 2017 President of the Realtors association. The diminishing supply of inventory has started to restrain sales, she said, in a released statement. Although there were more October sales this year than last, the number of sales under contract have remained relatively flat for the past four months, rising just 1.4 percent in October, according to the association. “Unless we start seeing more properties put up for sale, next year’s market may be more tempered,” she said In the multifamily market, sales increased 26.9 percent in October to 165 buildings. The median price increased 1.1 percent to $180,000. Condominium sales decreased in October by nearly 5 percent to 153 units. The median price increased 45 percent to $218,000, according to association data. http://www.pbn.com/RI-single-family-home-sales-climb-48-in-4Q,118866?cat...
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