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.
Former Providence mayor Joseph R. Paolino Jr. sat down at his Dorrance Street real estate office earlier this week to talk about his recent property acquisitions; downtown Providence; the city's economic challenges; the Superman Building; a possible mayoral run by Buddy Cianci; and the future of the Providence Journal.