Home sales continue to drop amid national slowdown
PROVIDENCE, R.I. --Home sales are down again in Rhode Island as a national slowdown deepens.
The Warren Group, which tracks real estate data across New England, says sales of single-family homes dropped more than 11 percent in August from the same month a year ago. The median sales price during that period fell more than five percent, from $270,000 to $255,000.
The group's CEO, Timothy Warren Junior, says foreclosures have more than doubled this year, which could be a reason why prices are dropping.
Condo sales fell more than 14 percent from the previous August, while median prices rose about two percent from $220,000 to $225,000.
The National Association of Realtors says sales in August fell to the lowest point in five years.
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