NEW: Home Prices, Sales Decline in Second Quarter
Tuesday, July 26, 2011
Sales of single family homes declined by 20 percent and the median price dropped by 2 in the second quarter, according to the Rhode Island Association of Realtors.
Realtors caution buyers to read too much into the drop in prices, however, due to a tax incentive. The median price increased significantly in the second quarter of 2010 because of the federal homebuyer tax credit, which was set to expire at the end of June 2010 causing a major boost in sales.
Comparing against 2009’s second quarter gives a more accurate representation of this quarters progress, as the data is not skewed by tax incentives. This year’s second quarter numbers are favorable, showing a seven percent increase in median price of single family homes in 2009.
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTSales of single-family homes dropped 20 percent since the second quarter of 2010 and ten percent since the same time period of 2009. Homes sold through foreclosure or short sale, decreased by 17 percent from the second quarter of 2010. These types of sales made up 28 percent of total single-family sales from April- June of this year.
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