PROVIDENCE, R.I. — Diminishing inventory is being blamed for a nearly 20 percent decline in pending house sales in Rhode Island last month.
The Rhode Island Association of Realtors report released Monday says sales rose by 9 percent in October, but pending sales have fallen by 18 percent compared to last year. The association says “diminishing inventory” is the reason for the decline, and the group says it predicts a further slowdown in sales.
The association says the supply of homes for sale dropped by almost 9 percent from October 2016 to October 2017.
There were 1,038 single-family house sales in Rhode Island in October, up from 956 in October 2016. There were 54 distressed sales, down from 99 in October 2016.