NEW: Rhode Island Housing Market Looking Up

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Wednesday, April 13, 2011

Leah Michaels, GoLocalProv Contributor

Rhode Island home sales increased dramatically last month, with 44% more homes being sold than in the previous month- only Massachusetts had a bigger increase (up 49.9%). The RE/MAX of New England Housing Report showed that 599 homes were sold in March, which is 184 more than the 415 sold in February.

For the first time in three months, the median price of Rhode Island homes dropped in March. The median price decreased from $205,000 to $185,000, a decrease of 9.8%. That was the largest decrease of any New England state.

In addition, Rhode Island is the only New England state that has seen an increase in home inventory from March 2010 to March 2011, with 253 more properties available than the prior year.

Rhode Island’s home situation is reflective of the New England market as a whole. In March, home sales increased in every New England state, for a total of 37.7% more homes sold. The average price also dropped slightly by 1.1%, which was largely due to Rhode Island’s large decrease in median price.

“After one of the toughest winters in history, we are certainly seeing an uptick in activity
and lots of strong energy around the housing market,” said RE/MAX of New England Executive Vice President Jay Hummer. “Buyers understand the long term benefits of home ownership and are recognizing now is the time to take action.”
 

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