Rhode Island Home Sales Plummet in August

Single-family home sales fell annually in Rhode Island for the fifth month this year in August, dropping by double digits even as selling prices came down, the Warren Group reported.

The company's data shows 748 single-family homes sold in August, down 10.1 percent from 832 a year ago. It was the first time since 2010 that home sales in the state fell in the month of August.

Year-to-date, home sales statewide totaled 4,907 as of August 31, a drop of 3.0 percent from last year.

Condominium sales also tumbled, plunging 32.4 percent—the largest decrease since December 2010—to 117.

"It is discouraging to see sales decline by double-digits in August after July posted a modest increase," said Timothy M. Warren Jr., CEO of the Warren Group. "The Rhode Island market is slowed down in August, with both condos and single-family homes posting low sales numbers and the median selling price of both falling."

The median selling price of single-family homes fell 5.3 percent in August to $220,000, according to the Warren Group, marking the fourth time median prices have declined year-over-year in 2014. Year-to-date, the median single-family home price was up 1.4 percent.

On the condo side, the median selling price in August was $170,000, an increase of 12.0 percent over last year.