PROVIDENCE, R.I. (WPRI) — The number of prospective buyers jumping into Rhode Island's housing market is starting to wane as the cost to purchase a home continues to climb, according to the R.I. Association of Realtors. The number of single-family home sales dropped 8.8% year-over year last mon th. Statewide data reveals the number of pending contracts also fell 10.1% from the same time last year. The median price of single-family homes in February jumped to $455,500, which is 3.5% higher than it was last year, the R.I. Association of Realtors noted. RELATED: RI’s housing inventory still not keeping up with demand The number of multi-family home sales rose by 7.9% as compared to last year, though pending sales dropped by 6.8%. Multi-family homes also continue to be among the priciest in the state's housing market, with the midpoint of sales averaging $559,950. "The upside to owning a multi-family has always been the great potential to obtain passive rental income and the ability to gain generational wealth," R.I. Association of Realtors 2025 President Chris Whitten said. "However, with a very limited supply of existing stock, climbing sale prices and costly regulatory mandates for landlords of rentals units here in Rhode Island, the benefits of owing a multi-family home are quickly eroding." The number of condominiums sold last month grew by 3.5% year-over-year, but pending sales fell by 18.1%. Meanwhile, the median price of condominiums sold in Rhode Island last month was $400,000, which is 22% higher than the same time last year. The R.I. Association of Realtors estimates that the state's entire inventory would likely be sold in less than two months, which is roughly half of the national average. The state's inventory also continues to be well below the five-to-six month supply that it needs to have a balanced market. "It pains us to see Rhode Island continue to be dead last in new construction year after year," Whitten said. "Although we're making slow progress in many ways, we still have a long way to go." "The road to fully repairing our housing crisis here in the Ocean State is a marathon, not a sprint," he continued. "But the urgency to make the sensible changes needed remains dire." Download the WPRI 12 and Pinpoint Weather 12 apps to get breaking news and weather alerts. Watch 12 News Now on WPRI.com or with the new 12+ smart TV app. Follow us on social media:                     Close Thanks for signing up! Watch for us in your inbox. Subscribe Now Daily Roundup SIGN UP NOW ...read more read less