Median Home Prices Rise in Rhode Island
The median price of a house in Rhode Island went up in the first quarter of this year. The latest numbers out of the Rhode Island Association of Realtors find the median price rose 5 percent to $195,000.
Meanwhile, foreclosures and short sales on single family homes dropped by ten percent from the same time last year.
The Realtors association notes that the brutal winter and rising flood insurance rates played a factor in home sales, but didn’t do as much damage as they could have. While the association finds hope in a new federal law that caps flood insurance rates, it notes that a low inventory and tough mortgage standards could dampen home sales in the spring.
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