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July 1, 2008

Rhode Island's median house price fell again in May

Rhode Island's median house price in May fell 8.2 percent from a year earlier, according to a report out today by the Boston research firm, The Warren Group.

The median price of a single-family house in May was $245,000, down from $267,000 in May of last year, the report said. So far this year, the median house price in the state has declined nearly 10 percent.

Meanwhile, the state's single-family house sales in May plunged nearly 14 percent, the tenth consecutive double-digit decline, the report said. There were 688 single-family houses sold in May, compared with 799 sold in May of last year.

So far this year, the number of single-family houses sold in the state declined about 19 percent, to 2,540 sales, compared with 3,135 sales during the first five months of last year. (The Warren Group data includes sales by owners as well as sales through real estate agents.)

Meanwhile, the number of condos sold in May fell 38.1 percent, to 161 sales, compared with 260 sales in May of last year.

Condo prices have held up better, with the median price in May at $228,000, down 1.7 percent from $232,000 in May of last year. So far this year, the median condo price has fallen 2.2 percent.

-- Journal staff writer Lynn Arditi

Posted by Mike McKinney  at 11:33 AM | Permalink

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Michael Tevyaw | July 1, 2008 1:21 PM link

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