RIPR News
2:19 pm
Thu July 22, 2010

State housing prices on the rise

Warwick, R.I. – Sales of single-family homes in Rhode Island jumped 11 percent last month when compared to June 2009, while the median price was up 5 percent.

The Rhode Island Association of Realtors reported Thursday that 897 single-family homes were sold last month, compared to 805 in the year-ago period and far above the 667 sales in May.

While sales traditionally jump from May to June, the organization says this year's increase is due in part to the federal homebuyer's tax credit.

The median price rose to $220,000 from $199,900 in May.

Except for February, the number of sales has increased year over year every month for the past 15 months while median price has increased since November.

The Realtors say historically low interest rates should keep the
momentum going.