home sales

The Bottom Line: Real Estate Comeback

Feb 5, 2016

Providence Business News Editor Mark Murphy joins Rhode Island Public Radio's Dave Fallon for our weekly business segment, The Bottom Line.

This week Mark and Dave chat with Arthur Yatsko, president of the Rhode Island Association of Realtors, about the rising home prices and what millennials want from a home.


flickr

Home sales in Rhode Island held steady last month.  July was the eight month of increased year over year sales.

Mark Moz / flickr

The Rhode Island Association of Realtors is voicing concerns over part of the state budget. The group opposes expanding the definition of a hotel. The new definition would subject rental homes and small bed and breakfasts with at least one room for rent subject to the same taxes as hotels.

State officials expect to raise $5.4 million dollars in the next fiscal year with the proposed change.

Catherine Welch / RIPR

Providence has dropped its lawsuit against the bank Santander. The suit filed back in May claimed the bank deliberately limited lending in minority neighborhoods while expanding lending in white ones.

At the time, lawyers called the bank’s lending practices a civil rights issue. Less than six months later, they settled. Santander will make $1.3 million in grants going to the Providence Community Library, arts organization AS220, and a non-profit that will help low-income residents secure a mortgage.

The Rhode Island Association of Realtors says home sales dropped again in August. 

The average price for a single family home was $218,ooo, down 3 percent from last year.  Condominium sales also slowed, but multi-family homes were a bright spot.  Prices have climbed 25 percent from last August.  Realtors Association President Robert Martin says foreclosures, and short sales have dropped significantly from a year ago.  He says that's likely to drive home prices higher in the long term.

The median price of a house in Rhode Island went up in the first quarter of this year. The latest numbers out of the Rhode Island Association of Realtors find the median price rose 5 percent to $195,000.

Meanwhile, foreclosures and short sales on single family homes dropped by ten percent from the same time last year.

Providence Business News Editor Mark Murphy joins Rhode Island Public Radio's Dave Fallon for a weekly business segment The Bottom Line.

This week Dave and Mark talk with Bruce Lane, president-elect of the Rhode Island Association of Realtors. They discuss rising home prices in the state, the impact this bad winter has had on home sales and how the housing market affects the local economy.

 

 

When to Listen

You can hear The Bottom Line each Friday at 5:50pm.

The Rhode Island Association of Realtors says home sales were down eleven percent in the state during during November as compared to 2012.

The Realtors' Association says the decline in sales was the most significant lull in the past thirty months.

They say sales were likely down thanks in part to the federal government shutdown in October, and rising interest rates.

However, the median home price in Rhode Island was up three percent at $201,000.

Home Sales Surging Back In Rhode Island

Nov 27, 2013
Courtesy RI Housing

October was another good month for home sales in Rhode Island.

The sale of single family homes in Rhode Island rose 19 percent between October 2012 and October 2013. During the same time frame the median price rose from $200,000 to $204,000.  Sales of condos rose 11 percent over the year and the median price is up 17 percent.

Rhode Island Association of Realtors president Robert Martin said growth in the housing market is slow and steady with no negatives.

The president of the Rhode Island Association of Realtors says sales are stronger this spring than they’ve been in four years. It’s still a buyer’s market – but that could be about to change.

The Bottom Line: Surging home sales

Jan 4, 2013

(PROVIDENCE, RI) Providence Business News Editor Mark Murphy joins Rhode Island Public Radio's Dave Fallon for a weekly business segment we're calling "The Bottom Line." Each Friday it looks at business news and themes that affect local business and the public.