Projo 7 to 7 News Blog

Two surveys of the Rhode Island housing market show that median housing prices in the state continue to decline. The median price of a single-family house in Rhode Island fell by 23.2 percent between April 2008 and April 2009, from $241,500 to $185,500 according to The Warren Group, a Boston-based company that tracks real estate. In a separate survey, the Rhode Island Assocation of Realtors pegged the drop at 24.4 percent.

At the same time, single-family homes sales showed slight gains over the past year. The Warren Group report said April home sales increased 3.6 percent, to 524 in April 2009, up from 506 in April 2008.

"A gain in single-family home sales is certainly encouraging news, said Timothy M. Warren Jr., CEO of The Warren Group. "These sales reflect transactions that were negotiated in February and March, which is the very beginning of the spring selling season. If sales volume continues to climb in the remainder of the spring selling season, it would be the first sign that the market is starting to recover."

Unlike single-family home sales, condo sales fell. The Warren Group shows a 37.7 percent sales drop year-to-year, to 81 in April 2009 from 130 in April 2008. Median condo prices dropped almost 28 percent in that period, to $163,610 from $227,000. The Rhode Island Realtors showed condo sales fell to 75 in April 2009 from 119 in April 2008, down by 37 percent.

Here's an interactive chart comparing the April 2008 to April 2009 home sales and prices, by town, in Rhode Island

 Tags  real estate Rhode Island Association of Realtors Warren Group

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