Rhode Island Home Sales Down But Prices Go Up: Experts Explain Why

PROVIDENCE, RI — Single-family home sales in Rhode Island fell 4 percent last month compared to September 2016, but the median price of those homes rose 13 percent.

The sales dip comes as the number of homes for sale were low, the Rhode Island Association of Realtors said Tuesday. The median price was just over $261,000 compared to $231,000 a year ago.

More homes have to be put on the market to keep prices affordable, the group's president, Brenda Marchwicki, said — especially for first-time buyers.

Pending sales fell more than 13 percent, the group said, which might indicate a further slowdown in sales for the rest of the year.

Condominium sales were up more than 18 percent and the median price was up 23 percent.

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