Economy
9:11 am
Tue August 21, 2012

Rhode Island housing market showing some good signs

PROVIDENCE, RI – The data is mixed on Rhode Island home sales, but the news is mostly good for single home sales.

The Rhode Island Association of Realtors reports that home sales were 22 percent higher in July over the same month last year. In addition although the median price was down, it was down just 1 percent. The Association says this means prices are beginning to stabilize.

The percentage of foreclosures and short sales increased in July compared both to June of this year and July of last year. The median price in Rhode Island for a single family home was $207,000 last month.

When short sales and foreclosure sales are not included, the median price was $238,000.

However the Rhode Island Association of Realtors says that the picture for condominium sales is very different.

There was no change in the number of condo sales July of this year compared to last. But the median price dropped 35 percent down to $157,500. President of the Association Jamie Moore points out that the statistic is less significant given that there are fewer condo sales. She says" With less than 100 sales last month, one change in pricing strategy for a particular development can skew the numbers significantly." The numbers also show that more condo sales are under distress conditions. 25 percent of sales last month were distressed condo sales compared to 14 percent of all sales the same time last year.

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