PROVIDENCE, R.I. (AP) - A new report shows home sales in Rhode Island rose in May.
According to the Rhode Island Association of Realtors, house sales increased by nearly 6 percent in May. The Providence Journal reports (https://bit.ly/2tfHHgv ) that the increase comes after sales dipped in February, March and April.
Warwick had the most sales in May.
President and CEO of Residential Properties Ltd. Sally Lapides says inventory continues to decline which benefits sellers but hurts buyers. Lapides says many homes are selling well above their asking price.
Experts caution sellers of homes in high-end markets that have smaller pools of buyers. Guy Glennon, of RE/Max Professionals, says each price level and municipality differs. He adds that houses over $400,000 have not seen a boost in sales.
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Information from: The Providence Journal, https://www.providencejournal.com
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