Rhode Island Home Sales and Prices Down After Second Quarter, June Sees 11 Percent Drop in Sales, According to The Warren Group

BOSTON--(BUSINESS WIRE)--Single-family home sales and prices in Rhode Island are still slumping slightly after the first six months of the year. Sales and prices for both single-family homes and condos also fell during the month of June, according to The Warren Group, which tracks real estate data across New England.

“The demand for condominiums in Rhode Island continues on a steady track after the first half of 2006, although monthly median prices are far off the high marks they reached in mid-2006”

Sales of single-family homes fell 6.7 percent during the first half of the year from 4,734 in 2006 to 4,418 this year. In June, single-family home sales fell by 11.4 percent from 1,086 to 962.

The median price of single-family homes in Rhode Island fell 3.4 percent after the first two quarters from $269,000 last year to $260,000 this year. In June, the median price fell 5.2 percent from $279,500 to $265,000.

Condominium sales fell slightly during the first half of the year, but historic data shows that condo sales have stayed relatively steady over the past 18 months, although the median price has fluctuated from month to month. Overall condo sales in the first half of the year rose 2.3 percent from 1,207 last year to 1,241 this year. Condo sales fell 11.2 percent during the month of June from 269 to 239.

The median price for condominiums fell 4.3 percent in the first half of the year from $235,000 to $225,000. In June, the median price fell 3.4 percent from $234,000 to $226,000.

“The demand for condominiums in Rhode Island continues on a steady track after the first half of 2006, although monthly median prices are far off the high marks they reached in mid-2006,” said Timothy Warren Jr., CEO of The Warren Group.

Data on individual cities and towns available by request.

About The Warren Group

The Warren Group, based in Boston, is the publisher of Banker & Tradesman, The Commercial Record and a series of association publications. As the premier provider of real estate data in New England, The Warren Group offers a range of real estate products and services for professionals and consumers searching for real estate and financial information. For more information about The Warren Group, please visit www.thewarrengroup.com or call 617-428-5100.