Rhode Island sees record home sales in 1st quarter of 2016

PROVIDENCE, R.I. (AP) — A nonprofit group that tracks the housing market says more single-family homes were sold in Rhode Island during the first quarter of 2016 than during any other first quarter in three decades.

The Rhode Island Association of Realtors announced Wednesday that more than 1,900 home were sold in that period, topping the record of 1,825 sales set in 2005.

The number is a 15 percent increase compared to the same period last year.

Arthur Yatsko, president of the group, says high rental prices, low-interest rates and price appreciation are factors in the increase.

The median price of houses sold in Rhode Island in January, February and March was $225,000. That number is 12.5 percent higher than during the same period last year.

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