NEW: Home Sales Rise in Rhode Island
Wednesday, April 18, 2012
Rhode Island scored the largest year-to-year homes sales increase in New England in March, concluded the RE/MAX of New England monthly housing report.
All six states showed increases in sales and decreases in inventory over March 2011, although only Maine and Massachusetts showed increases in median home prices in the year-to-year comparison.
Rhode Island unit sales rose 25.9 percent, to 760 last month. The median sale price of $177,750, however, was a 3.9 percent drop from March 2011.
The available housing inventory dropped to 6,374 last month from 7,237 in March 2011. Homes sold last month spent an average of 112 days on the market, 12 fewer than in March 2011.
“For the first time in months, we are seeing a stabilization in median home prices,” said Jay Hummer, executive vice president of RE/MAX of New England. “Couple this with diminishing inventory, and it’s a good indicator of moving toward a healthy spring market.”
