RHODE ISLAND ASSOCIATION OF REALTORS®, INC. "The Voice of Real Estate in Rhode Island" Press ReleaseContact: Kerry Park |
Press Releases - 2022January 2023 2022 closes with continued drop in R.I. home salesWarwick, R.I, -- January 18, 2023 – Single-family home sales data released today by the Rhode Island Association of Realtors relayed a 41.4% year-over-year drop in December in closed transactions compared to one year earlier. And, while the median price of those sales still showed a 4% annual gain, the rate of appreciation has decreased considerably throughout the second half of 2021. Full Story December 2022 Realtors Report Sharp Drop in Rhode Island Home SalesWarwick, R.I. – December 15, 2022 -- According to November home sales data recently released by the Rhode Island Association of Realtors, just 660 single-family homes sold in Rhode Island last month, compared to 1012 a year earlier, a 34.8% drop. Pending contracts - deals in progress but not closed as of the end of November - dropped 40% from 12 months earlier. The decline points to a rapidly slowing market heading into 2023. Full Story November 2022 Home sales drop to level last seen during economic shutdownWarwick, R.I. – November 17, 2022 – Rhode Island’s home sale trends stayed steady in October, according to a report released today by the Rhode Island Association of Realtors. At $405,000 the median sales price of single-family homes rose 7.3% last month from October 2021. The ratio of list price to sales price remained stable at 100%. Full Story Realtors release Q3 Home Sales DataWarwick, R.I. – November 4, 2022- A year ago, Rhode Island’s housing market began to wane amid news of rising mortgage rates and continued low inventory. One year later, sales are still declining, while the median price of homes continues to rise year-over-year. However, third-quarter home sales data recently released by the Rhode Island Association of Realtors shows sales activity has declined significantly, while appreciation in the median sales price of homes sold has weakened, the median price itself remains above that of the third quarter of last year. Full Story October 2022 Michael Pereira Named 2022 R.I. Realtor of the YearWarwick, R.I. -- October 27, 2022 – The Rhode Island Association of Realtors (RIAR) announced today that Michael Pereira of June Realty in East Greenwich, R.I. was chosen by his peers as the 2022 Rhode Island Realtor of the Year. The award recognizes one of nearly 7000 Realtors throughout Rhode Island for their dedication to the Realtor organization and their local communities. Full Story Cooling Activity in R.I.’s Housing Market in SeptemberWarwick, R.I. – October 14, 2022 –The number of single-family homes sold last month in Rhode Island plummeted 20.2% from 12 months prior. According to a report released by the Rhode Island Association of Realtors and its subsidiary State-Wide Multiple Listing Service, the median price of those sales rose 8.1% to $416,000 from $385,000 in September 2021. Full Story September 2022 No relief to inventory shortage in R.I.’s housing marketWarwick, R.I. – September 21, 2022 – While still rising, the appreciation in Rhode Island’s median single-family home sales price continued to moderate in August according to the Rhode Island Association of Realtors. While up year-over-year by more than 20% earlier this year, the median home sale in August was $405,000, an increase of just 3.9% from August 2021. Full Story August 2022 While Still Up Year-Over-Year, Prices Moderate in R.I.’s Housing MarketWarwick, R.I. – August 17, 2022 -- According to data from State-Wide Multiple Listing Service, a subsidiary of the Rhode Island Association of Realtors, the monthly median price of single-family homes has followed an upward trend for 66 consecutive months. The rate of increase has been diminishing since April however, when the median price of homes escalated by 20% more than 12 months earlier. By July, the median price rose only 6.8 percent to $410,000, the lowest rate of increase since the spring of 2020, following the economic shutdown. Full Story July 2022 R.I. Median Home Sales Price Continues to Rise Year-Over-YearWarwick, R.I. – July 20, 2022 – Second quarter home sales data released today by the Rhode Island Association of Realtors and its subsidiary, State-Wide Multiple Listing Service, displayed a continued trend of waning sales that started in the third quarter of last year. Closed transactions fell 14.1% in the second quarter of this year from the same time in 2021. Full Story R.I. Home Prices Continue to Climb Despite Falling SalesWarwick, R.I. - July 14, 2022 – June home sales statistics reveal a changing housing market in Rhode Island, one marked by prices which continue to escalate despite a five-month downward trend in single-family home sales. Full Story June 2022 Rhode Island’s supply of homes up slightly in MayWarwick, R.I. – June 16, 2022 –Single-family home sales fell year-over-year by 8% in May while the median price of those sales rose 14.8%, to $419,000. Inventory continued to increase for the third consecutive month to a 1.5-month supply. While still well below the six-month supply indicative of a balanced market, May’s inventory of single-family homes for sale was the highest it has been since October of last year. The supply of homes available for sale takes into consideration the number of listings on the market in a given month and the rate of sales. Full Story May 2022 R.I. Median Home Price Tops $400K in AprilWarwick, R.I. – May 19, 2022 – The median sale price of single-family homes sold in Rhode Island in April was $420,000, a 20.3% gain from 12 months earlier and the first time the median sales price has risen to $400,000 or above. The increased prices, along with rising interest rates, has caused sales to decline compared to the previous year, for the third consecutive month. Full Story April 2022 R.I.’s housing inventory hits new low in first quarterWarwick, R.I. – April 28, 2022 – The $375,000 median price of single-family homes sold in Rhode Island from January through March represented a 13.7% increase from the same time last year. In a statement released today, the Rhode Island Association of Realtors also noted historically low inventory in the first quarter. Full Story Slow Start to R.I.’s Spring Home Selling SeasonWarwick, R.I., April 19, 2022 – In March, Rhode Island’s supply of single-family homes for sale continued to fall from a year earlier, causing prices to continue their double-digit ascent. According to the Rhode Island Association of Realtors, the supply of homes for sale last month was 62% less than it was in March of 2020. Full Story March 2022 R.I.’s housing inventory falls to new record lowWarwick, R.I.—March 17, 2022 – The Rhode Island Association of Realtors reported today that sales fell among all residential property types in February, while prices continued to climb in Rhode Island’s housing market. With just 789 single-family homes for sale last month, the supply reached a record-breaking low since 1998, the year the Association began keeping inventory records. The number of single-family homes for sale fell 30.6% from February 2021, and 67.6% from 2020, just before the pandemic began. Full Story February 2022 Unexpected Surge in R.I. Home Sales in JanuaryWarwick, R.I. – February 17, 2022 – Single-family home sales in Rhode Island increased 5.4% year-over-year in January, after falling in the last six months of 2021. Though the strong start in this year’s housing market appears to be a reversal in the moderating sales trend that started last summer, pending sales - those homes put under contract in January but not closed within the month - fell by 4%. Full Story 2021 Another Record-Breaking Year in R.I.’s Housing MarketWarwick, R.I. – February 3, 2022 – Rhode Island’s housing market continued to break records in 2021, fueled by high buyer demand which was intensified by buyers from other states. Last year, Rhode Island Realtors transacted nearly $7.9 billion in residential sales through State-Wide Multiple Listing Service, the listing data exchange owned by the Rhode Island Association of Realtors. Full Story January 2022 Realtors report critical shortage of homes for sale in DecemberWarwick, R.I. – January 20, 2022 -- Data from State-Wide Multiple Listing Service, a subsidiary of the Rhode Island Association of Realtors, shows that there was less than a one-month supply of homes available for sale at the end of December, far below the six-month supply that typically characterizes a market balanced between supply and demand. December was the second month this year that inventory levels fell below the one-month mark. Full Story
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