WARWICK –– In June, Rhode Island’s median house price fell 2 percent, to $215,000, and the number of house sales fell 23 percent compared with June 2010, when the last wave of sales spurred by a federal tax credit closed.
The June statistics from the Rhode Island Association of Realtors also show a 9-percent increase in the median price for condominiums, to $200,000.
But the number of condo units sold fell 21 percent compared with a year ago.
The multifamily section of the market also experienced a median price decline in June. The multifamily median price fell 5.5 percent, to $120,000.
The multifamily segment also saw a dramatic 43-percent drop in the number of units sold in June, compared with a year ago.
Foreclosures and/or short sales, also known as distressed sales, accounted for close to 25 percent of single-family house sales, 21 percent of condo sales, and 46 percent of multifamily sales statewide.
In Providence, not including the East Side, more than half of the June house sales were distressed.
On the East Side, only 2 of the 29 June house sales were distressed.
In Warwick, more than a third of house sales were distressed in June.
Generally, year-to-year comparisons provide the best picture of real-estate market conditions, because month-to-month comparisons more often reflect the seasonal nature of real-estate sales.
But sales that closed in June 2010 were eligible for the federal tax credit incentive that expired June 30, 2010. The homebuyers’ credit temporarily boosted prices and the number of sales.
The Realtors’ association also reported that the number of houses available for sale in Rhode Island was at a high of 6,658, up more than 9 percent from June 2010.
Multifamily inventory increased by nearly 3 percent, but the number of condos listed for sale fell nearly 2.5 percent, the Realtors’ group reported.
Statewide, the Realtors’ association reported a 4.88-percent increase in the “days on market,” the length of time a property is listed before it is sold. The average in June 2011 was 86 days.
cdunn@projo.com