PROVIDENCE, R.I. — Rhode Island house sales declined by 4 percent in April, and the supply of houses for sale fell by nearly 18 percent compared with April 2016, according to the Rhode Island Association of Realtors.
There were 823 single-family house sales in April, the association wrote in its monthly sales report, scheduled for release Wednesday.
The median house price in Rhode Island in April was $245,500, an increase of nearly 2 percent compared with April 2016, the association said.
The report added that 90 of the 823 house sales in April were distressed, meaning they were foreclosures or short sales.
There were 3,569 houses listed for sale in Rhode Island in April, a decline of nearly 18 percent from April 2016, when there were 4,328 listings. In April 2015, there were 4,805 single-family house listings in Rhode Island.
“The availability of smaller and less expensive starter homes is extremely limited right now, and investors are edging out first-time buyers in the multifamily market,” said association president Brenda L. Marchwicki. “Ultimately, that has made condos an enticing option for many people.”
There were 151 condo sales in Rhode Island in April, a decline of nearly 2 percent from April 2016, when 154 condos were sold. Condo listings (826) were down by 8 percent. The median condo sale price in April was $234,900, an increase of 19 percent from April 2016.
In Rhode Island’s multifamily market, there were 153 sales in April, up nearly 43 percent from a year ago. The median multifamily price, $192,500, jumped by 7 percent.
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