Rhode Island Home Sales See October Increase

Sales of single-family homes in Rhode Island increased by 3.2 percent in October from the previous year, the fifth time in 2014 single-family home sales have increased year-over-year in the state, according to a report released Monday by the Warren Group.

October's sales for the Ocean State totaled 721, up from 699 in October 2013 and the highest total for the state in any October since 2009, when 808 single-family homes were sold, according to the Warren Group.

Year-to-date through the end of October, a total of 6,370 single-family homes have sold in Rhode Island, down slightly from the total of 6,393 sold during the first 10 months of 2013, the Warren Group reported.

Median prices for single-family homes jumped by 4.2 percent year-over-year in October, from $215,000 up to $224,000, according to the Warrant Group. Year-to-date, prices have increased by 1.8 percent year-over-year ($218,825 for the first 10 months of 2014 compared to $215,000 for the same time period last year).

"The increase in single-family home sales in October is a good sign that the real estate market in Rhode Island is slowing moving upwards," Timothy M. Warren Jr. of the Warren Group said. “Median prices of homes increased modestly, confirming the good market trend."

Condominium sales increased slightly year-over-year to 118 in October, inching upward from 116 in October 2013. Year-to-date, however, condo sales were down by nearly 9 percent (1,176 through the end of October this year compared to 1,071 for the first 10 months of last year), according to the Warren Group.