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Home prices in Rhode Island have hit their highest quarterly median price in a decade, rising to $265,000 from July through September.

The Rhode Island Association of Realtors says the median price of a single-family home in the state has risen 8 percent from the same time last year. It says all but four towns saw an increase in the median sales price.

The group says that there was a drop in the number of sales from 2016, which saw record sales. Joseph Luca, president of the group, says there's a shortage of inventory, which is holding sales back.

The median price of condos in the quarter also rose 15 percent, to $224,000, while the median price of multifamily homes grew 17 percent, to $220,000.

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