NEW: RI Housing Sales Up in July

Thursday, August 16, 2012

 

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Rhode Island has experienced good growth in the housing market, according to the RE/MAX of New England July Monthly Housing Report. RI’s 32.4 percent year-over-year increase in units sold is the largest increase in New England, but the Ocean State is also the only state which did not experience an increase in median sales price--in fact, it experienced an 11.6% decrease.

"It's busier than it has been, which is great," said Libby Isaacson, Chief Operating Officer at Residential Properties. More people are feeling a little bit more confident about the economy, she added.

New England trends

RE/MAX looked at growth in Connecticut, Massachusetts, New Hampshire, Rhode Island, and Vermont, as there was not enough data available on Maine. The report shows that New England has had solid growth in total housing transactions, pending home sales and median price in almost every state. Overall, the number of units sold is up 19.7% year-over-year in New England. Month-over-month and year-over-year, the median price continues to increase, with the exception of Rhode Island where pricing is still stabilizing. The number of pending sales is up on average 33.7% over last year, with some states, like CT, experiencing more than 40% growth.

“Consumers understand the opportunities in the market and with interest rates still low, also realize that it’s less expensive to buy than to rent,” said Dan Breault, Executive Vice President, RE/MAX of New England. “In the upcoming months, I anticipate even more buyers moving off the sidelines and into the playing field.”

 
 

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