Group: Expected interest rate rise sparked home sales spike

Downtown Providence skyline - Waterplace Park - generic Providence_230377

PROVIDENCE, R.I. (AP) — A nonprofit group that supports real estate agents in Rhode Island says last month’s jump in home sales was due to expectations that interest rates would go up.

The Rhode Island Association of Realtors says home sales in the state increased by 14 percent last month compared to the same time last year. Median sales prices rose by 6 percent as well.

The association says that more than 750 homes were sold in November, along with more than 200 multifamily properties and condominiums.

Association President Art Yatsko says he doesn’t think sales will be hurt by a modest increase in interest rates next year. He says the state’s housing market has a decent balance of supply and demand.

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