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June 3, 2008

R.I. home sales, prices continue to fall

The Warren Group, a Boston-based real estate tracking firm, this morning said the median price of a single-family home in Rhode Island fell 11.3 percent in April, from last year’s price of $270,000 to $239,500.

The year-to-date price fell 10.3 percent from $267,500 to $240,000.

The number of home sales in April decreased to 538 in April from 659 in April 2007. Year-to-date sales fell 20.2 percent from 2,336 to 1,864.

Although condominium sales continue to fall – dropping by 37.6 percent from April 2007 to April 2008 – their median price remained steady. Sales fell from 210 last year to 131 this year, and the median price rose 1.6 percent from $223,500 to $227,000.

Year-to-date sales of condos fell 37.3 percent from 710 last year to 445 this year. The year-to-date median price declined 0.8 percent from $221,750 to $220,000.

-- Journal Business Editor John Kostrzewa

Posted by Jack Perry  at 11:50 AM | Permalink

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