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Rhode Island Association of Realtors releases sales data for the month of May


PROVIDENCE, Rhode Island — The number of houses sold in Rhode Island rose 6 percent in May, while the median sales price of $227,500 represents a 9 percent increase from a year ago.

The Rhode Island Association of Realtors also reported that pending sales increased 13 percent compared to May 2014. They say May's data showed the highest number of pending contracts in 10 years.

Multifamily home sales dropped 19 percent last month, but the median sale price increased by 3 percent.

The Providence Journal ( ) reports that condominium sales increased 5 percent, and the median condo price rose 11 percent to $221,000.

Association President Bruce Lane says the market is equally balanced between seller supply and buyer demand.

Lane says buyers are regaining the confidence needed to invest in their future.

Information from: The Providence Journal,

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