Bank homes for sale dragged down the median sales price for houses sold in Rhode Island in October, according to Boston-based research firm Warren Group.
The sales price median for single-family houses sold in the state dropped to $203,500 in October, a decrease of 3.6 percent from $211,000 in October 2008. The median also dropped to its current level of $200,000, a decrease of 16 percent from $238,000 at the start of the year.
Sales of single-family homes increased to 787 units, a rise of more than 20 percent from 653 units in October 2008 and the highest level of October sales since 2005. Total sales for the 11-month period ended November also increased by 6.4 percent to 6,267 units compared to the total of 5,888 units sold during the previous period.
Sales of condo units also rose by seven percent to 122 units in October compared to 114 units last year, marking the second straight month that condo sales increased over the past year. Since January, 1,097 condo units have been sold, down by nearly 16 percent from 1,300 units sold last year.
Bank homes for sale also pulled down condo prices, plunging the price median for condos by more than 19 percent to $161,750 from the previous median of $199,900. The drop in the median condo price from January this year surpassed 16 percent, putting the median level to $180,000 from the previous median of $215,000.
However, according to Timothy Warren, chief executive of Warren Group, the decline in home prices was not as sharp as the drop in sales prices during the first months of 2009.
During the ten-month period ended October, more than 2,300 households across Rhode Island were hit with foreclosure filings. Warren contended that the continued rise in foreclosures in the state compared to filings last year was largely due to job losses.
In a foreclosure report published by another research firm, the pace of Rhode Island foreclosure filings in October slowed by almost eight percent from September, but was still higher by more than 55 percent compared to October 2008.
One household out of every 499 residential units in the state was hit with a foreclosure posting, putting Rhode Island 14th in a ranking of states based on rates of foreclosure.
More than 900 homes in Rhode Island were put into the foreclosure process by mortgage lenders in October, including 199 units that they have repossessed and posted as bank homes for sale.
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