R.I. home prices, sales volume fall in July
| PBN FILE PHOTO / BRIAN McDONALD "RHODE ISLAND's housing market isn't faring too badly, in general," Warren Group CEO Timothy Warren Jr. said in today's report. |
By Kevin Shalvey,
PBN Staff Writer
BOSTON - Sales and prices of Rhode Island single-family homes and condominiums both declined in July compared with a year ago, according to a report released today by The Warren Group.
For single-family homes, the median price has fallen in 11 of the past 12 months - all but March - when compared with the previous year. In July, the median price of single-family homes dropped 4.1 percent year-over-year to $268,500, while the median condo price dropped 2.5 percent to $224,200.
During the month, 820 single-family homes were sold, a 4.4-percent drop from the July 2006 figure, The Warren Group said. Condo sales dropped 4.2 percent year-over-year to 207 units sold in July 2007.
"Steady sales and price declines in states like Rhode Island and Massachusetts have become almost the norm, despite a strong start to 2007," Timothy Warren Jr., CEO of The Warren Group, said in a statement.
"But Rhode Island's housing market isn't faring too badly, in general. The declines in sales and median prices have been modest, and we've even seen a small jump in condo sales. We probably won't see much change in the market during the rest of this year."
Year-to-date single-family home sales in the state came to 5,238, 6.3 percent lower than the 5,592 sold in January through July 2006, but year-to-date condo sales increased slightly compared with the same period last year, edging up 1.7 percent to 1,447.
Sales prices in the first seven months of the year fell, for both condos and single-family homes, The Warren Group said. The year-to-date median price of single-family homes in the state dropped 2.8 percent to $262,500 while the median condo price dropped 4.3 percent to $225,000.
The Warren Group Inc. is a provider of New England real estate data and the publisher of Banker & Tradesman and other journals. Additional information is available at http://www.thewarrengroup.com/.