RI Housing Market Sales Up 24% Year Over Year in Rhode Island for February

Tuesday, March 22, 2016

 

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Rhode Island's homes sales increased 24 percent year-over-year gains in February 2016 over February of 2015.  The median price of a  single family homes sold increased 12 percent during the same period to $217,300. According to statistics released by the Rhode Island Association of Realtors Tuesday.

Pending sales, considered to be the most accurate indicator of the market in the coming months, rose 19 percent from 12 months earlier, said the RI Association of Realtors.  

"We're pleased with what we're seeing. Home owners are gaining equity but despite the price appreciation, homes are still affordable for buyers. Interest rates haven't risen since the Federal Reserve announced that

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they would hike rates in December and it recently announced that it has no current plans to raise the benchmark rate again. That means that the costs associated with financing a home will continue to be among the lowest that buyers have ever seen," commented Arthur Yatsko, President of the Rhode Island Association of Realtors.

 
 

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