RHODE ISLAND ASSOCIATION OF REALTORS®, INC.

"The Voice of Real Estate in Rhode Island"
Serving Rhode Islanders Since 1948
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Press Release

Contact: Kerry Park
Ph: 401-432-6948
Cell: 401-207-4502
Email: kerry@rirealtors.org

R.I. Home Prices Continue to Climb Despite Falling Sales

Warwick, 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.

At $430,000, the median price of single-family homes increased 11.7% last month compared to June 2021, hitting an all-time high. Monthly median sales prices have gone up each month from the prior year by 10% or more since July of 2020.

Rising interest rates are adding to the state’s housing affordability woes and suppressing Rhode Island’s single-family home sales, which fell year over year by 17.6% last month. Sales under contract in June but not closed by month’s end fell 25.4%, a sign the slowdown in activity will carry into the months ahead.

“Last month, we experienced the lowest number of sales in June since 2014. We’ve turned a corner, but we still have quite some time to go before we reach a balanced market. We’ve gained a little bit on the supply side but there’s still a significant shortfall,” said Agueda Del Borgo, President of the Rhode Island Association of Realtors.

Del Borgo further explained that there was a 1.8-month supply of homes on the market last month, up from the low of .84-months earlier this year, but still far from the six-month supply that characterizes a market balanced between supply and demand.

“Rhode Island still lags most other states in building starts and many homeowners who recently refinanced to low rates are hesitant to make a move and give up favorable mortgage rates. These are two major factors exacerbating the housing shortage,” said Del Borgo.

The condominium market echoed the same trends as the single-family home sector with closed sales falling by 30.8% and pending sales decreasing by 25.7%. Condominiums remained the most accessible option to first-time homeowners however, with a median price over $100,000 less than that of single-family home sales. Properties in that segment of the market edged up 6.8% from a year earlier, to $320,500.

Sales of multifamily homes fell 15.1% last month and those under contract dropped 31.2%. The median price increased 17.8% in a year, to $430,000. Skyrocketing rents have enticed investors to the multifamily market, making it difficult for first-time homebuyers, often less financially advantaged, to gain entry into the multifamily home market.

The Rhode Island Association of Realtors will release second quarter sales data from State-Wide Multiple Listing Service on Wednesday, July 20th.

 

Housing Statistics Archives

Months Supply: Click here for interactive display

About the Rhode Island Association of REALTORS®

The Rhode Island Association of REALTORS®, one of the largest trade organizations in Rhode Island with more than 7,000 members in approximately 900 offices, has been serving Rhode Islanders since 1948. Collectively, RI REALTORS® transacted nearly $7.9 billion in residential real estate sales last year and nearly $8.1 billion in total transactions including rentals and commercial real estate. Advocating for Rhode Island's property owners, the Rhode Island Association of REALTORS® provides a facility for professional development, research and exchange of information among its members and to the public and government for the purpose of preserving the free enterprise system and the right to own real property.

The Association is one of more than 1,400 boards and associations that comprise the National Association of REALTORS® (NAR). The National Association of Realtors®, “The Voice for Real Estate,” is America's largest trade association, representing over 1.4 million members involved in all aspects of the residential and commercial real estate industries and who subscribe to a strict Code of Ethics.

REALTOR® is a federally registered collective membership mark which identifies a real estate professional who is member of the NATIONAL ASSOCIATION OF REALTORS® and subscribes to its strict Code of Ethics.


press photo

Agueda Del Borgo

2022 President,
RI Association of REALTORS®

 

June 2022
Single-family Monthly
Sales Comparison

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June 2022
Multifamily Monthly
Sales Comparison

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June 2022
Condominium Monthly
Sales Comparison

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June 2022
Single-family Sales
By Town

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