Rhode Island real estate agents had a good July. Both median prices and sales are up significantly from where they were a year ago.
Sales of existing single family homes rose 22 percent from July of 2012 until this July, according to the Rhode Island Association of Realtors. During the same time frame, the median price rose four percent -- from $207,000 to $216,000. July was the 10th straight month of increase in the median price.
The Rhode Island Association of Realtors says the state has reached a critical milestone.
After years of excess supply, Rhode Island now has a six-month inventory of homes on the market, which is considered a balanced alignment between supply and demand. Rhode Island Association of Realtors president Victoria Doran said homeowners can expect to see prices rise as the supply dwindles.
Roger Williams University Law School professor Jorge Elorza, a Housing Court judge in Providence, joins us on Bonus Q+A to talk about housing, economic development, Latino politics, and his own future plans.
Rhode Island’s real estate market is roaring back to life. Home prices rose by double digits in February.
If you’ve been holding back putting your home on the market because of depressed prices, it might be time to re-think that decision. The Rhode Island Association of Realtors says home prices rose 12 percent between February 2011 and February 2012. The median price increased from $170,000 to nearly $190,000. It was the fifth consecutive month of price gains.
Rhode Island still has the highest foreclosure rate in New England but the numbers are coming down. According to Housing Works RI, foreclosure filings fell 11 percent in the fourth quarter of 2012. Filings have fallen 36 percent since 2009, when data was first available. The Mortgage Bankers Association says Rhode Island continues to lead New England in foreclosures and is tied for 7th nationwide.
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Work on the Providence Arcade is in the final stretch. Building owner Evan Granoff says the job of rehabilitating the old shopping mall is 80 percent complete and it should be ready for occupancy sometime this spring.
The fourth quarter report on housing sales in Rhode Island during 2012 is filled with good news. The report issued by the Rhode Island Association of Realtors says that median prices for single-family homes, multi-family home and condominiums all increased. In addition foreclosures and short sales dropped for all three categories.
In the single-family home market the Association reports sales activity went up by 25 percent and the median price increased five-percent to 195-thousand-dollars. The market between buyers and sellers was evenly matched.
There is some good news for Rhode Island’s housing market. The Rhode Island Association of Realtors reports that single family home sales increased by 43% last month as compared to a year ago. The median price of 195-thousand-dollars is 1% higher than November 2011. November’s numbers also show an even balance between the supply of houses for sale and the number of potential buyers according to the RIAR.