© Getty Images/iStockphoto “Fortunately, we’re getting more inventory on the market in recent months, and though the supply is still lower than it was last summer, we are seeing a bit of an upswing,” said Leann D’Ettore, the Rhode Island Association of Realtors’ president.
PROVIDENCE, RI — While home prices continue to climb in Rhode Island, the red-hot real estate market may be starting to cool.
The latest data from the Rhode Island Association of Realtors showed a decline in sales in July, compared to the same time last year. The median home price, meanwhile, showed a double-digit increase over the same period.
Last month’s number of closed sales was 12 percent lower than July 2020. The median home price, meanwhile, was 16 percent higher at $384,000. Inventory remains extremely tight, with the number of available homes on the market down 20 percent.
“Fortunately, we’re getting more inventory on the market in recent months, and though the supply is still lower than it was last summer, we are seeing a bit of an upswing,” said Leann D’Ettore, the association’s president. “The number of homes on the market typically showed more than a 40 percent decrease from 12 months earlier for the past year, but that delta shrunk to just 20 percent last month. Buyers are still challenged by a shortage of homes to choose from but at least we’re seeing small gains.”
Based on the pace of sales, Rhode Island had a 1.7-month supply of homes available for sale, up ever-s0-slightly from 1.6 months the month before. In an ideal situation, there would be six months worth of homes available, the association said.