home sales

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Home sales in Rhode Island held steady last month.  July was the eight month of increased year over year sales.

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The Rhode Island Association of Realtors is voicing concerns over part of the state budget. The group opposes expanding the definition of a hotel. The new definition would subject rental homes and small bed and breakfasts with at least one room for rent subject to the same taxes as hotels.

State officials expect to raise $5.4 million dollars in the next fiscal year with the proposed change.

Catherine Welch / RIPR

Providence has dropped its lawsuit against the bank Santander. The suit filed back in May claimed the bank deliberately limited lending in minority neighborhoods while expanding lending in white ones.

At the time, lawyers called the bank’s lending practices a civil rights issue. Less than six months later, they settled. Santander will make $1.3 million in grants going to the Providence Community Library, arts organization AS220, and a non-profit that will help low-income residents secure a mortgage.

The Rhode Island Association of Realtors says home sales dropped again in August. 

The average price for a single family home was $218,ooo, down 3 percent from last year.  Condominium sales also slowed, but multi-family homes were a bright spot.  Prices have climbed 25 percent from last August.  Realtors Association President Robert Martin says foreclosures, and short sales have dropped significantly from a year ago.  He says that's likely to drive home prices higher in the long term.

The median price of a house in Rhode Island went up in the first quarter of this year. The latest numbers out of the Rhode Island Association of Realtors find the median price rose 5 percent to $195,000.

Meanwhile, foreclosures and short sales on single family homes dropped by ten percent from the same time last year.

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