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April 16, 2008

R.I. single-family home sales, prices plunge in February

PROVIDENCE -- The number of single-family homes sold in Rhode Island in February dropped 18.6 percent, and median prices fell 4.7 percent in the biggest February declines since the 1990s.

Real estate tracking firm The Warren Group says the last time sales fell so precipitously in February was in 1991. The last time median prices fell so far in the month was 1995.

The median price of a single family home dropped to $245,000, down from $257,000 in 2007.

Timothy Warren Jr., the group's chief executive, says prices have declined for 11 of the last 12 months.

The Warren Group says condo sales also plunged 30 percent in February. The one bright spot is that the median price of condos sold in February rose 3.1 percent to $219,500, up from $213,000 in February 2007.

-- The Associated Press

Posted by Mike McKinney  at 12:12 PM | Permalink

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