PROVIDENCE, R.I. (AP) — The median price of a single-family home in Rhode Island has reached its highest point in more than a decade.
The Rhode Island Association of Realtors reported Friday that the median price hit $290,000 in June, its highest since July 2006.
The June median was about 6 percent higher than it was in the year-ago month. Association President Joe Luca says a big issue is that Realtors cannot meet the demand for housing, and fewer people are selling.
A continuing issue with low inventory also led to a 4 percent decrease in the number of houses sold.
The median sales price of multifamily properties shot up 19 percent year-over-year to $250,000 last month, while the median price of condominium sales rose 8 percent to $230,000.
