Oct. home sales up 20 percent in RI; prices fall
PROVIDENCE -- A real estate tracking firm says the number of homes sold in Rhode Island went up 20.5 percent in October from the previous year, although prices continued to fall.
The numbers, released today by the Warren Group, mean it's the fifth month in a row of higher sales compared with a year ago.
The median price of a single-family home fell 3.6 percent from $211,000 in October 2008, to $203,500 last month.
Timothy Warren, chief executive of the Boston-based firm, says the good news is that until October, year-over-year prices had been falling in the double digits. He says the market is still facing problems from foreclosures as unemployment hits record levels. Rhode Island's October unemployment rate was 12.9 percent, third worst in the United States.
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