Sales of single-family homes up 12 percent in Rhode Island in 3rd quarter

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PROVIDENCE, Rhode Island — Home sales in Rhode Island maintained a strong pace during the three-month period from July through September.

Numbers released on Thursday by the Rhode Island Association of Realtors show the number of single-family homes sold in the third quarter rose 12 percent from the same period a year ago. The median price rose 9 percent to $234,500.

Condo sales rose 14 percent, and sales of multi-family homes rose 28 percent. The median price of a condo held steady at $200,000, while the median price of a multi-family home rose 13 percent, to $175,000.

The group's president, Bruce Lane, says while sales and prices are rising they are not doing so at an unhealthy rate. He says the improving economy and low interest rates should help buyers stay in the market.

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