NEW: RI Leads in Year-Over-Year Home Sales Increase—RE/MAX
Wednesday, September 19, 2012
Rhode Island’s 25.2% jump in year-over-year home sales is the largest increase in New England in August, according to the RE/MAX of New England August Monthly Housing Report. The Ocean State’s pending home sales are also up 40.1% year-over-year, pointing to strong activity throughout the fall.
“Rhode Island has experienced the largest increase in year-over-year home sales in New England for three consecutive months now," said Dan Breault, Executive Vice President & Regional Director at RE/MAX of New England. "Historically low interest rates, appealing pricing, and pent up demand have combined to help fuel this surge in sales. With pending home sales in the Ocean State also up 40.1% year-over-year, more buyers, sellers, and Agents are working with one another to close a deal. We’re hopeful that this upward trend of activity will continue throughout the fall.”
The August report demonstrates market stability with increasing sales throughout New England year-over-year and month-over-month. Overall, the number of units sold is up 20.0% year-over-year. Recently, RE/MAX has reported increases in price for almost every state in New England; but in August the median price was flat with an overall decrease of -0.2%. However, year-over-year, the number of pending sales is up on average 33.0%, with CT experiencing 48.1% growth followed by RI with an increase of 40.1% year-over-year.
“Inventory is a serious challenge for many buyers, giving sellers the upper hand,” said Breault. “Prices dipped as the summer came to a close, but sales throughout the fall should remain active due to favorable pricing.”
Since its inception in 1985, RE/MAX of New England has grown to over 220 offices and 2,700 sales associates throughout Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island and Vermont. RE/MAX provides franchised residential and commercial real estate services to its franchisees and their real estate professionals.
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