Rhode Island Home Sales Decrease While Prices Increase

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Thursday, February 17, 2011

Leah Michaels, GoLocalProv Contributor

According to the RE/MAX of New England Housing Report, when compared to January 2010, New England home sales have remained relatively stable, with sales increasing by an average of 0.4% since last December.

“It’s encouraging to see transactions and prices remaining stable,” said RE/MAX of New England Executive Vice President Jay Hummer. "These trends should continue as we enter the Spring market.”

But while overall New England sales have increased, Rhode Island is one of only two states to sell fewer homes this January than last, with the other state being Connecticut. This January, 471 homes were sold, which is a –2.3% decrease from the 482 homes sold in the same month in 2010. In addition, 26.6% more homes were sold in December (642 homes) than were sold last month.

Rhode Island is also the only New England state to experience an increase in median home price. The median price was $199,000 last January, which is 0.3% higher than the $198,500 that homes sold for in January 2010.

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