NEW: Encouraging Growth in RE/MAX November Housing Report
Wednesday, December 19, 2012
The RE/MAX of New England November Monthly Housing Report shows encouraging growth, and RE/MAX of New England Executive Vice President & Regional Director Dan Breault suggests New England is starting to see a shift into a seller’s market in many communities.
Rhode Island home sales once again outpaced the rest of the region, with the number of units sold jumping 58.5% year-over-year. Median price also remained relatively flat, down just 1.5%. The greatest median price increase in New England was in Massachsuetts--a 5.5% jump.
New England trends
The November report showed that on average, the median price and units sold in the region are up year-over-year. Every state in New Enlgand experienced double-digit growth in unit year-over-year. Prices are also creeping up in all states except Rhode Island.
"This has been a transition year for the housing market, with stronger home sales and prices on the rise in New England," said Breault. "We are starting to see a shift into a seller's market in many New England communities; with low inventories, prices are rising and homes are moving off the market quickly. We expect this momentum to continue in 2013."
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