Real Estate Market Shows Gains in Month of May
Thursday, June 23, 2011
RI Realtors report a five percent gain in the median price of single family properties from the year before and observed an 11% gain in both single family and multi-family properties since April. The May single family median sale price was $210,000. The market for condominiums has been relatively constant with the median price dropping only one percent.
"Prices have been trending up for the past year and a half, despite slipping backward a bit in March and April. We're pleased to see that prices regained their momentum last month," commented Stephen Antoni, President of the Rhode Island Association. Antoni explained how the declining prices of the last two months most likely correlate to the expiration of the tax credit that was in place through April of 2010. May has been the first month this year that sales were not compared to a market influenced by the tax credit incentive.
