Rhode Island Home Prices, Sales Sink

Single-family home prices in Rhode Island during the month of January fell to the lowest level in about seven years, according to a report released today from ""The Warren Group"":http://www.thewarrengroup.com.
The Warren Group, which provides real estate research for the New England region, said the median selling price for single-family homes in Rhode Island in January fell 23.3 percent to $184,000, down from $240,000 in January 2008. The last time the single-family median home price in the state dipped below $184,000 was in May 2002. The 23 percent drop in monthly home prices exceeded the 21 percent decline the research company recorded in December 2008.
Timothy M. Warren Jr., CEO of The Warren Group, commented, ""January didn’t deliver better news for Rhode Island’s housing market. In fact, this is a pretty weak start for the 2009 housing market. The state’s housing market is being battered by rising unemployment and anemic consumer confidence.""
Single-family home sales in Rhode Island also fell, sinking to a 17-year low for the month of January. According to The Warren Group, home sales dropped 8.8 percent from January 2008.
The decline in single-family home sales was modest, however, compared to the drop-off in condo sales during the month. Based on The Warren Group's data, condo sales plunged 44.4 percent compared to January of last year. Condo sales transactions in Rhode Island have fallen by 30 percent or more for eight of the last 12 months, The Warren Group said. The median price for condos in January was $180,000, a 12.5 percent drop from $205,700 a year ago.