WARWICK, R.I. (WPRI) — Rhode Island’s housing inventory has reached a record low, but prices continue to increase, according to a new report from the Rhode Island Association of Realtors.

There were 789 single-family homes on the market in February, which is the lowest recorded inventory since 1998 when the association began compiling data.

The median price for a single-family home increased 15% to $368,000.

Single-family home inventory fell 30.6% in the past year, according to the report, and 67.6% since February 2020.

Already 10.6% lower than in February of last year, sales activity is expected to continue declining, the report said.