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Home Buying
It cost buyers $30,000 more to purchase a single-family home in Rhode Island in September than it did last fall, according to a report the state’s realtor association released Thursday.
The median sales price for a single-family home in Rhode Island was $485,000 in September, which reflects a 6.6 percent year-over-year increase.
Soaring home prices, mortgage rates that are at their highest level in two months, and a lack of inventory have put a damper on sales. “Closed sales fell by 3 percent, and pending sales … also dropped by 2.2 percent,” according to the report.
The inventory of homes “continues to creep upward” but is “still critically low,” according to the association. The state had a 2.4-months’ supply of homes on the market in September. A healthy market has at least a five.
“Each month since January 2022, pending sales have fallen compared to the previous year, a sign that housing affordability is not improving in Rhode Island,” Sally Hersey, president of the Rhode Island Association of Realtors, said in a news release. “The median sales price of single-family homes has risen year over year every month since January 2017. We desperately need to build more housing.”
Home buyers who are turning to the condo market to fulfill the American dream of homeownership shelled out nearly $48,000 more last month for a unit than they did in September 2023. The median sales price of $427,450 last month was a record and reflected a 12.52 percent year-over-year increase. Sales were down 5.3 percent, but the inventory got a bump; it’s up 31 percent year over year.
“We haven’t yet seen much of an effect from the Federal Reserve’s September rate cut on Rhode Island’s housing market. Our main problem continues to be supply. The Realtor Association is committed to supporting all viable legislative initiatives that can help in that regard in the 2025 legislative session,” Hersey said.
Some buyers purchase multifamily homes to cover their mortgages. They live in one unit and rent out the other/s. That endeavor gets more challenging by the month. The median sales price for a multifamily in Rhode Island “skyrocketed to a record $595,000” in September, an increase of nearly 25 percent.
Buyers still in the game had more listings to consider. The inventory in Rhode Island’s multifamily market increased 7.4 percent compared to September 2023.
In a drilldown into single-family home prices, the report noted that Washington County — home to Block Island, North Kingstown, and South Kingstown, among other high-income enclaves — the median sales price for a single-family home ($700,000) jumped 19.66 percent in September. The median sales price in September 2023 was a more palatable $585,000.
Providence County, home to the capital, the median sales price rose a more modest 8.64 percent to $440,000.
The only county that saw a price drop was Bristol. The median sales price of $622,753 reflects a 17.52 decrease, but that is based on only 34 sales. Compare that to Washington County (111 sales) and Providence County (345). Fewer sales can skew the results.
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Local News
A Rhode Island man is facing charges after allegedly body slamming an Attleboro mother of two during a suspected road rage incident Friday, according to court records.
Police responded near Newport Avenue at Highland Avenue in Attleboro just before 9 a.m. on Friday, where they found Hailea Soare on the ground, bleeding and crying, according to a police report filed in Attleboro District Court.
Gladior Kwesiah, of Pawtucket, was arrested without incident and charged with assault and battery with a dangerous weapon causing serious bodily injury, vandalism of property, and unlicensed operation of a motor vehicle, according to court dockets.
Multiple witnesses told police that Kwesiah and Soares were arguing outside their cars after her vehicle allegedly rear-ended his vehicle at the intersection, according to the report.
All three witnesses allege that Kwesiah, 26, “body slammed” her onto the pavement, while two told police that he also stepped on her glasses that fell to the ground. One witness said that Soares “smacked” Kwesiah before he picked her up, lifted her over his head, and dropped her on her head, according to police.
The body slam can be seen in videos shared by local news stations. The police report notes that Soares is 5 feet tall and 120 pounds, while Kwesiah is 6 foot 3 inches and more than 300 pounds.
Soares was transported to Study Memorial Hospital, where she was treated for a fractured knee, fractured foot, and head laceration, according to police.
She also suffered damage to her eye socket and “a serious skull injury,” a GoFundMe started by her family said. The fundraiser has collected more than $18,000 from nearly 500 donors out of its $30,000 goal, as of Sunday evening.
“As a single mother of two young children, Hailea now faces an uphill battle – physically, emotionally, and financially,” the GoFundMe said. “These injuries will keep her out of work for months. The financial strain of medical bills, therapy costs, and providing for her children is overwhelming.”
Kwesiah was held in the Bristol County House of Correction after not posting bail on Friday.
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A man who stole an unoccupied cruiser in Rhode Island was stopped on Route 2 in Preston after a chase early Saturday morning, according to Connecticut State Police.
Connecticut State Police was notified about a stolen Providence, Rhode Island, police cruiser on Interstate 95 South crossing into Connecticut from Rhode Island around 2:30 a.m.
The stolen cruiser was reportedly seen on I-95 south near exit 89, but then took the exit 88 off ramp to Route 117 in Groton as it saw another Connecticut State Police cruiser approaching.
Multiple Connecticut State Police cruisers turned on their emergency lights and sirens in an attempt to stop the stolen cruiser. According to Connecticut State Police, the stolen cruiser was traveling over 100 mph at times on Route 117.
Ledyard Police Department was then notified and deployed stop sticks near Route 117 and Route 2a. The stolen cruiser slowed to a stop near Route 2a and the driver was taken into custody.
The 27-year-old man from Pawtucket, Rhode Island, is facing charges including reckless driving, engaging police in pursuit, failure to drive in the proper lane, larceny and interfering with officer/resisting. He was not able to post the $50,000 bond and is due in court on Monday.
The Rhode Island Lottery offers multiple draw games for those aiming to win big. Here’s a look at Jan. 4, 2025, results for each game:
26-32-43-54-56, Powerball: 24, Power Play: 2
Check Powerball payouts and previous drawings here.
03-09-27-29-33, Lucky Ball: 06
Check Lucky For Life payouts and previous drawings here.
Midday: 5-8-4-4
Evening: 1-2-7-5
Check Numbers payouts and previous drawings here.
13-16-19-23-33, Extra: 30
Check Wild Money payouts and previous drawings here.
Feeling lucky? Explore the latest lottery news & results
This results page was generated automatically using information from TinBu and a template written and reviewed by a Rhode Island editor. You can send feedback using this form.
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