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.
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 partial government shutdown is proving to be a problem for some American home buyers. Most lenders require income verification through the IRS. The verification requirement is problematic because most IRS functions have been suspended.
Victoria Doran, president of the Rhode Island Association of Realtors, says it hasn’t caused a logjam yet but will if the government shutdown continues much longer.
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.
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.
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.