RI Home Sales Drop, Median Price Rises in September
Monday, October 25, 2010
According to the Rhode Island Association of Realtors (RIAR), single family home sales fell 25% last month compared to September, 2009. The median price of single family home sales rose however, up nearly 6% to $212,000 from $201,050 in September, 2009. The decrease in sales, explained RIAR President Karl Martone, is an expected market lull resulting from the expiration of the tax credit offered by the federal government earlier this year. The tax credit, which was applicable only to purchase and sales agreements signed by April 30th, 2010, originally required eligible sales to be closed by June 30, 2010. (It was later extended to September 30th to account for short sales and other transactions with extended processing times).
Numbers Were Anticipated
The recently released statistics reports the Rhode Island housing market saw a flurry of activity prior to the June 30th deadline but a sharp decline in sales following that date. Home sales have increased each month since July but remain below 2009 monthly levels. "It's no surprise that the housing market is taking a few months to regain its equilibrium following the tax credit. We don't expect sales to pick up until later this fall, said Martone. "People aren't making any major moves unless they need to because of the economy and because of the added uncertainty of the elections. Still, with the lowest mortgage rates we've ever seen and great values throughout the state, market conditions for homebuyers are the best we've seen in years.”
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