Home sales report has mixed findings
PROVIDENCE, R.I. – The Rhode Island Association of Realtors has just come out with its 2010 report and it contains both good and bad news.
Sales of single family homes fell 12 percent in Rhode Island last year but prices rose five percent to a median of $210,000. The Rhode Island Association of Realtors says it was the first time in six years that the median price increased.
Stephen Antoni, president of the Realtors Association, attributes the rise in the median price to a decline in distressed sales, relaxed lending standards in the jumbo mortgage market and an added tax credit incentive for existing homeowners.
The Association says Rhode Island is bucking a nationwide trend of declining prices and that the state - which was one of the first to enter the foreclosure crisis -- now appears to be ahead of the curve in the recovery.
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