RI median home price jumps 12 percent in February
RI median home price increases 12 percent in February to $189,500, but sales activity slows
WARWICK, R.I. (AP) -- A real estate tracking group says the median sale price of single-family homes in Rhode Island jumped 12 percent to $189,500 in February compared with the same month last year.
But the Rhode Island Association of Realtors says in a new report Thursday that home sales appear to be slowing, rising only 2 percent to 442 last month compared with February 2012. The group says a factor in the slowdown was an 18 percent drop in the supply of homes for sale.
The median price of condominiums soared 55 percent to $193,400 in February compared with the same month last year.
The Association of Realtors' president, Victoria Doran, says it appears that many buyers who wanted to take advantage of low home prices have already done so.
