Housing rebounds in RI

Jan 23, 2013

The fourth quarter report on housing sales in Rhode Island during 2012 is filled with good news.  The report issued by the Rhode Island Association of Realtors says that median prices for single-family homes, multi-family home and condominiums all increased. In addition foreclosures and short sales dropped for all three categories.   

In the single-family home market the Association reports sales activity went up by 25 percent and the median price increased five-percent to 195-thousand-dollars.  The market between buyers and sellers was evenly matched.

Condominium sales made a similar comeback the end of 2012 compared to 2011.  The number of sales increased by 27-percent and the median price increased by 24-percent to just over 192-thousand dollars.

Multi-family homes saw the number of sales go down by three percent, but the median price rose 10-percent to 120-thousand dollars.  This market also has achieved balance between buyers and sellers.

There was more good news regarding  distressed sales.  Foreclosures and short sales dropped nine-percent for single family homes, by 21-percent for condos, and by 26-percent for multi-family homes in the fourth quarter.  

Association President Victoria Doran is sounding an alarm however as Congress debates how to reduce the national deficit.  She says that if Congress decreases the mortgage interest deduction that could hurt the housing recovery in Rhode Island.

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