Home sales, median prices on the rise in Rhode Island

WARWICK, R.I. (AP) — The number of single-family homes sold in Rhode Island and their median price rose last month as inventory continued to fall.

The Rhode Island Association of Realtors said Wednesday that single-family home sales rose 4 percent last month when compared to August 2016. Median prices, meanwhile, jumped more than 6 percent year-over-year to $260,000. The inventory of homes for sale declined about 14 percent compared to August 2016, continuing an 18-month trend of diminishing year-over-year inventory.

Year-over-year median sales price has risen every month since February, hitting levels last seen in 2007.

The condominium market also fared well in August. Sales were up more than 11 percent compared to August 2016, while the median price jumped more than 10 percent.

Sales and the median price of multifamily homes also rose.