Home sales drop
PROVIDENCE, RI – April is usually a pretty good month for home sales. But this April was definitely not.
Single family home sales fell 26 percent in April from a year earlier according to the Rhode Island Association of Realtors. And the median price was down seven percent to $190,000.
Realtors Association president Stephen Antoni says people are out there looking and making offers but frequently sales fall through because of constantly changing lending standards.
"We have a lot of great qualified buyers," says Antoni. "And when I say qualified I mean credit scores in the 700's and they don't qualify for some of the loans that are out there."
Another major factor in the downturn is the end of a federal tax credit program which artificially boosted home sales last year. Antoni says some real estate agents are taking on second jobs to make up for the slack in business.
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