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RI home sales up 15 percent in third quarter

PROVIDENCE, R.I. (AP) -- Single-family home sales in Rhode Island were up nearly 15 percent in the third quarter while prices dropped around 3 percent.

The Rhode Island Association of Realtors reported Monday there were more than 2,200 single-family sales from July through September. The median sales price was $197,500, down from about $203,000, compared to the year-ago quarter.

Distressed sales were down for the period from one-quarter of the total to 23 percent.

Multi-family dwelling sales were up 6 percent, with the median price falling nearly 4 percent to $120,600. Distressed sales fell to 47 percent of total sales, from 54 percent.

Condominium sales held relatively stable while the median sales price dropped 6 percent to about $187,000. Foreclosures and short sales fell to 20 percent of total sales from 21 percent.