RIPR News
8:18 am
Thu May 26, 2011

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.

Do you have insight or expertise on this topic? Please email us, we'd like to hear from you. news@wrni.org.