NEW: RI Home Sales Are Up Nearly 25% - RE/MAX
Wednesday, October 19, 2011
{image_2}Rhode Island home sales are up 24.1% compared to September 2010, according to RE/MAX of New England’s Monthly Housing Report. Rhode Island’s year-over-year increase was the largest experienced by any state in New England.
The median unit price in Rhode Island decreased by 7.8% over the year, down to $198,250 from $215,000. Rhode Island is 4th in the region for pricing, with median unit prices higher in Massachusetts (the only state to show a decrease in sales), Connecticut and Vermont and lower in New Hampshire and Maine.
According to the report, New England experienced an increase in home sales for the third consecutive month. Year-over-year sales are up 3.5%, but pricing remains slightly down from this time last year, with the median price for the region showing a 2% decline from September 2010.
RE/MAX of New England Executive Vice President Jay Hummer said he is pleased to see steady growth, both month-over-month and year-over-year. “The market continues to experience a slow, steady recovery,” Hummer added. “With inventory down we hope that we’ll see that steady rise in pricing as well.”
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