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Single-family home prices rose 8 percent in RI in December

The median price of a single-family home in Rhode Island rose 8 percent in December from the same month the previous year, to $255,000.

The Rhode Island Association of Realtors announced Wednesday the number of sales fell less than 1 percent, down slightly from December 2016.

Association President Joseph Luca says sales could slow down this year, amid rising prices and low inventory. The group says December had the lowest inventory of single-family homes on the market in nearly 13 years.

The median sales price of condominiums rose 12 percent, to $231,000, while sales fell 6 percent.

Sales of multifamily homes rose 39 percent, and the median price climbed 11 percent, to $225,000.



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