Home Prices Up: a trend?
Tuesday, July 27, 2010
Do we see a tred? According to the RI Association of Realtors (RIAR), second quarter sales statistics showed of existing single family home sales are up 11 percent from second quarter 2009. The single family median price also increased nine percent, to $210,000 from $192,500 the year prior. Another indication the the market may be on the upswing.
In addition, the RIAR's data showed that the number of distressed sales among Rhode Island single family homes (short sales and foreclosures) fell 20 percent from the same time period a year earlier.
From April through June of this year, 27 percent of all sales sold through foreclosure or short sale. That number was 37 percent during the second quarter of 2009. The median price of single family homes selling through conventional means was $239,000. In June there was just under a seven-month supply of homes for sale, compared to a nine-month supply in June 2009. A six-month supply has traditionally been considered a balanced market between buyer and seller demand and indicates a healthy market
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