Despite rising prices, home sales in Rhode Island have maintained a steady track higher over the past year, and the trend continued during the month of October, according to recent data published by The Warren Group.
For the 18th straight month, single-family home sales rose in the Ocean State, up more than 12 percent on a year-over-year basis, according to the Boston-based real estate firm's analysis. More specifically, 947 residences were purchased in October, an additional 100 compared to a the same period in 2015, qualifying it as the state's most prolific October in a decade.
Timothy Warren, CEO for the Warren Group, indicated that housing in Rhode Island has experienced its fair share of slings and arrows since the economic downturn – especially compared to its fellow New England states – but the turnaround is quite evident.
"We find that Rhode Island endured a bigger crash in its real estate market than did the neighboring states of Massachusetts and Connecticut," Warren explained. "But this year it has outperformed both neighbors."
Just as properties are selling like proverbial hot cakes, prices are following a similar robust track. Single-family dwellings sold for approximately 5 percent more this past October versus this time last year, according to estimates from CoreLogic. From a year-to-date perspective, asking values are up just shy of 4 percent, The Warren Group reported. It now costs a median of $230,000 to buy a new home in Rhode Island.
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