RI home sales hold steady, foreclosures drop

Providence, R.I. – The end of the homebuyer tax credit does not seem to have hurt real estate sales in Rhode Island.

The home buyer tax credit ended April 30th but May home sales in Rhode Island held their own. Single family home sales stayed about the same as they were a year ago but the median price rose five percent to nearly $200,000. Condo sales were up 22 percent and the median price rose 14 percent to $182,000.

What's more, fewer distressed properties are on the market. Short sales and foreclosures now represent 28 percent of home sales, compared to 34 percent last year.