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RI home sales, prices both up more than 10 percent

WARWICK, R.I. (AP) -- The housing market in Rhode Island is off to a strong start this year, with single-family home sales and prices both increasing more than 10 percent in January compare with the same month last year.

The Rhode Island Association of Realtors said Friday that 528 single-family homes in the state were sold last month, a nearly 12 percent increase over January of last year. The median home price jumped 11 percent to nearly $195,000.

The association's president, Robert Martin, says 2014 started with a bang, but the market could take a hit over the next few months because of a declining supply of homes and condominiums and all the frigid and snowy weather this winter.

Condo sales remained flat in January, but the median price increased 3 percent to $205,000.