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.
Rhode Island real estate agents had a good July. Both median prices and sales are up significantly from where they were a year ago.
Sales of existing single family homes rose 22 percent from July of 2012 until this July, according to the Rhode Island Association of Realtors. During the same time frame, the median price rose four percent -- from $207,000 to $216,000. July was the 10th straight month of increase in the median price.
The Rhode Island Association of Realtors says the state has reached a critical milestone.
After years of excess supply, Rhode Island now has a six-month inventory of homes on the market, which is considered a balanced alignment between supply and demand. Rhode Island Association of Realtors president Victoria Doran said homeowners can expect to see prices rise as the supply dwindles.
Roger Williams University Law School professor Jorge Elorza, a Housing Court judge in Providence, joins us on Bonus Q+A to talk about housing, economic development, Latino politics, and his own future plans.
Rhode Island’s real estate market is roaring back to life. Home prices rose by double digits in February.
If you’ve been holding back putting your home on the market because of depressed prices, it might be time to re-think that decision. The Rhode Island Association of Realtors says home prices rose 12 percent between February 2011 and February 2012. The median price increased from $170,000 to nearly $190,000. It was the fifth consecutive month of price gains.
Rhode Island still has the highest foreclosure rate in New England but the numbers are coming down. According to Housing Works RI, foreclosure filings fell 11 percent in the fourth quarter of 2012. Filings have fallen 36 percent since 2009, when data was first available. The Mortgage Bankers Association says Rhode Island continues to lead New England in foreclosures and is tied for 7th nationwide.
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Work on the Providence Arcade is in the final stretch. Building owner Evan Granoff says the job of rehabilitating the old shopping mall is 80 percent complete and it should be ready for occupancy sometime this spring.