Regional Spotlight: Rhode Island Home Sales and Prices Down after Second Quarter

RISMEDIA, August 16, 2007—Single-family home sales and prices in Rhode Island are still slumping slightly after the first six months of the year. Sales and prices for both single-family homes and condos also fell during the month of June, according to The Warren Group, which tracks real estate data across New England.

Sales of single-family homes fell 6.7% during the first half of the year from 4,734 in 2006 to 4,418 this year. In June, single-family home sales fell by 11.4% from 1,086 to 962.

The median price of single-family homes in Rhode Island fell 3.4% after the first two quarters from $269,000 last year to $260,000 this year. In June, the median price fell 5.2% from $279,500 to $265,000.

Condominium sales fell slightly during the first half of the year, but historic data shows that condo sales have stayed relatively steady over the past 18 months, although the median price has fluctuated from month to month. Overall condo sales in the first half of the year rose 2.3% from 1,207 last year to 1,241 this year. Condo sales fell 11.2% during the month of June from 269 to 239.

The median price for condominiums fell 4.3% in the first half of the year from $235,000 to $225,000. In June, the median price fell 3.4% from $234,000 to $226,000.

“The demand for condominiums in Rhode Island continues on a steady track after the first half of 2006, although monthly median prices are far off the high marks they reached in mid-2006,” said Timothy Warren Jr., CEO of The Warren Group.

Data on individual cities and towns available by request.

For more information, visit www.thewarrengroup.com or call 617-428-5100.

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