Newport County home sales mixed in August

Sales up in Tiverton, down in Portsmouth, Little Compton

Posted 9/28/16

Rhode Island’s single-family housing market continued its upward trend in August with statewide, year-over-year increases in completed and pending sales, as well as median sales price. Though sales …

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Newport County home sales mixed in August

Sales up in Tiverton, down in Portsmouth, Little Compton

Posted

Rhode Island’s single-family housing market continued its upward trend in August with statewide, year-over-year increases in completed and pending sales, as well as median sales price. Though sales volume reached new heights this summer, the rate of increase from the previous year has become more restrained according to data released last week by the RI Association of Realtors.

Newport County saw mixed results in August with sales decreasing in Little Compton, Portsmouth and Middletown, while skyrocketing in Newport and Jamestown, up 120 and 125 percent respectively. Activity also rose 12.5 percent in Tiverton compared to August of 2015. Median price however, was down throughout the area.

 “Newport County is still experiencing a rapidly moving real estate market. The coastal living that is afforded by most of Newport County is still keeping sales activity very buoyant. As of now, interest rates are remaining historically low which is helping to keep the buying frenzy alive,” said Stephen Antoni, president of the Newport County Board of Realtors.

Across the state, the number of Realtor-assisted, single-family home sales rose 14.5 percent last month compared to 12 months earlier.  The median sales price of homes sold last month was $245,000, a 4.3 percent increase from that of August of 2015.

“Rhode Island’s real estate market is still faring well. Talk continues about a rise in interest rates which has caused some potential buyers to begin their home search now rather than later. Others might be worried about a perceived change in the market caused by the outcome of the upcoming election so they’re making a move now,” said Arthur Yatsko, president of the RI Association of Realtors.

Sales activity was also strong in Rhode Island’s condominium sector, rising 18.7 percent since August of 2015. The median sales price of condominiums sold last month decreased to $199,749, down 2.4 percent from the previous August.      

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