The median price of single-family homes sold in the Ocean State last month rose to its highest point yet, though year-over-year appreciation diminished. The median price of $427,250 represented just a two percent increase from May 2022. Home sales transacted through State-Wide Multiple Listing Service, a subsidiary of the Rhode Island Association of Realtors, also reflected a market with 17.8% fewer sales than a year ago.
According to the data, the supply of single-family homes for sale remained unchanged from the prior year at 1.5 months, still well below that of a balanced market. Pending sales, which gauge the pace of the market in the weeks ahead, fell 16%, continuing a 17-month trend of decelerating activity.
