Tue November 30, 2010
Mixed news in latest home sales report
By FLO JONIC
PROVIDENCE, R.I. – The Rhode Island Association of Realtors says the state's home sales have fallen by double digits but the median price is up.
Rhode Island home sales fell 35 percent between October 2009 and October 2010. During the same time frame, however, prices rose.
The median price is now $220,000 - up $20,000 from a year ago.
Jamie Moore, president-elect of the Rhode Island Association of Realtors said the end of a federal tax credit program is probably causing the depressed sales figures.
"This time around we don't have any incentives going on so people are more cautious about being," said Moore. "And typically when we go into the November, December time frame we find a slow down anyways."
The Realtors Association is also reporting a 20 percent increase in inventory, which it warns could lead to depressed prices.
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