WARWICK, R.I. — The Rhode Island Association of Realtors says sales of single-family homes in the state increased 22 percent in the first three months of the year compared with last year's first quarter, but prices dipped 11 percent amid foreclosure and short sales.
The real estate group says 1,500 homes were sold from January to March. About 34 percent of those sales came through foreclosures and short sales, up 32 percent from last year's first quarter.
The median sales price of single-family homes over the three months was $173,250, down from $195,000 last year. Excluding distressed sales, the median price was $215,000.
Association President Jamie Moore expects more stability in prices as distressed properties are sold.
Newport, Jamestown, Charlestown and Westerly saw increases in both sales and prices in the quarter.