Rhode Island Pending Home Sales Down Nearly A Fifth — Here's Why

PROVIDENCE, RI — Pending home sales in Rhode Island were nearly 20 percent lower in October compared to a year ago, and experts say a dwindling number of homes for sale is behind that steep fall. Sales increased by 9 percent in October, the Rhode Island Association of Realtors said in a report released on Monday.

But pending sales were down 18 percent compared to October 2016. The association faulted "diminishing inventory" for the decline and said it expects a further slowdown in sales.

The supply of homes for sale dropped by almost 9 percent over the last 12 months, the association said. There were 1,038 single-family house sales in the state in October, up from 956 in October 2016. There were 54 distressed sales, down from 99 in October 2016.

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