Rhode Island home sales strong during 1st quarter

Markets Associated Press

It was a record-setting first quarter for home sales in Rhode Island.

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The Rhode Island Association of Realtors said Wednesday that 1,968 single-family homes were sold in the state during the January-to-March quarter, a 2 percent increase over the record-setting first quarter of 2016.

The median price of a single-family home increased about 2 percent over the year-ago quarter to $230,000.

Sales of multi-family homes and condominiums also made significant jumps.

Multi-family home sales were up more than 10 percent, while the median price rose nearly 10 percent to $181,000.

Condominium sales were up 21 percent, while the median price went up 2 percent to $195,000.

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Realtors' President Brenda Marchwicki attributed the solid numbers to "strong demand buoyed by enhanced financial health and increased consumer confidence."