Home prices rise in R.I. as inventory shrinks

Home prices rise in R.I. as inventory shrinks



WARWICK (AP) — The median sales price of a single-family home in Rhode Island jumped 9 percent last month when compared to January 2017, driven by a diminishing supply of homes on the market, the Rhode Island Association of Realtors reported Thursday. The median price last month was $244,900. Only 2,497 single-family homes on the market.

Closing activity dropped nearly 9 percent in January from a year ago, while pending sales plummeted 33 percent year-over-year. Realtors President Joe Luca said that “with historically low inventory and interest rates that are just beginning to climb slightly, it’s a great time to sell.”


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