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Realtors: State housing inventory falls to record low

March 17, 2022 GMT

WARWICK, R.I. (AP) — Home sales in Rhode Island continued to decline last month, an indication that the state is in dire need of more housing, the Rhode Island Association of Realtors said Thursday.

Sales fell among all residential property types — single family, multifamily and condominium — while prices continued to climb, the organization said in a statement.

“More people will face housing affordability issues as inventory continues to deplete and interest rates rise,” association President Agueda Del Borgo said. “We desperately need more housing in Rhode Island, particularly for low- and middle-income earners, so that our businesses can attract and retain workers.”

With just 789 single-family homes listed for sale last month, the supply fell to its lowest level since the organization started keeping inventory records in 1998. Of those listings, 555 were sold.

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The median price of sold single-family homes increased 15% year over year to $368,000.

The number of single-family homes for sale fell 30.6%.

Contracts in the pipeline but not closed by the end of February fell for the second consecutive month, an indication that the sales slump will continue.

The supply of multifamily homes for sale plummeted by more than 50% year over year, and the supply of condominiums for sale decreased more than 40%.