RILiving: Single-family Home Prices Continue Upward Trend While Closing Activity Drops

Warwick, RI -- May 25, 2018 - Rhode Island's median single-family home price rose 10 percent at the beginning of the second quarter while closing activity began to constrict, falling nine percent compared to April of 2017. The supply of homes for sale fell to 3190 last month, from 3569 12 months earlier.

“There's no doubt that the lack of inventory is hindering sales but thankfully, the supply of homes on the market has been rising since the beginning of the year, as we expected it would. Unfortunately, we're not where we need to be yet but we're heading in the right direction,” said Joe Luca, 2018 president of the Rhode Island Association of Realtors.

The year started out with a 2.7-month supply of homes for sale which rose to a 3.5-month supply by last month. A six-month supply is considered to be a housing market that is balanced between supply and demand.

Sales of single-family homes in process but not yet closed in April fell by 28 percent, a sign of weakening sales in the months ahead.

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