WARWICK, R.I. (AP) — Rhode Island home prices continue to rise as the number homes on the market declines.
The Rhode Island Association of Realtors said Friday that the median price of a single-family home in the state was up 10 percent in April when compared to the year-ago month, while there was a 9 percent drop in inventory year over year.
Realtors President Joe Luca says the lack of inventory is hindering sales but the supply of homes on the market has been rising since the beginning of the year.
The condominium market is moving in the opposite direction. Although there was a decrease in the year-over-year median sales price of 12 percent in April, there was a 25 percent increase in sales activity.
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The multifamily property market experienced gains in median price and sales activity.