July Was a Good Month for Rhode Island Realtors

Aug 22, 2013

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 condominium market is also strong, with a 67 percent increase in the number of sales year over year and a 22 percent increase in the median price.

Even the multi-family market, which has a history of being the most affected by distressed sales, is showing signs of returning to normal market conditions.

The Association also reports there is a six-month supply of homes on the market, which indicates a market balanced between buyers and sellers.

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