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Realtors in Rhode Island say the market may be leveling off

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PROVIDENCE — Rhode Island’s housing market may be cooling as the number of single-family houses for sale has increased from last year.

The Rhode Island Association of Realtors announced Friday that the number of houses sold was also down for the fifth consecutive month. The organization says median sales prices have climbed 3.5 percent compared with July 2017.

All indications point to the local housing market reaching a ‘‘tipping point’’ and supply and demand leveling off, but association president Joe Luca said he doesn’t expect prices to fall even though an increased number of houses are on the market now.

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