RI home sales up in May, median price increases
WARWICK, R.I.—The Rhode Island Association of Realtors says single-family home sales in the state increased 15 percent in May compared with the same month last year, while the median sales price for the month was up 11 percent from April.
The association reported Thursday that 691 single-family homes were sold last month, up from 601 in May of last year.
Association president Jamie Moore says it appears a last wave of foreclosure and short sales is moving through the market. Distressed sales of single-family homes, including short sales and foreclosures sold at deep discounts, accounted for 25 percent of all sales in May, down from 27 percent from May 2011.
The median sales price rose to $195,000, down 7 percent from May of last year but up 11 percent from April.