RHODE ISLAND ASSOCIATION OF REALTORS®, INC. "The Voice of Real Estate in Rhode Island" Press ReleaseContact: Kerry Park |
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Double-digit price increases in Rhode Island’s Housing Market in October
Warwick, RI, November 26, 2014... Activity in Rhode Island’s single family home market increased five percent last month from twelve months earlier, and the median price rose to $232,000. October’s price represented a 14 percent increase from the prior year and the highest monthly median price since June, 2013. The Rhode Island Association of Realtors, which released the statistics earlier today, attributed the higher price to a 38 percent drop in the number of foreclosure and short sales, which are typically lower-priced. Changes in median price – the point at which half sell for more and half sell for less – are indicative of market conditions, but not necessarily individual home values. The Rhode Island Association of Realtors reports median price rather than average price, which can be skewed by significantly different outliers, particularly at the upper end of the market. Sales in October rose over the prior year for the second consecutive month and it appears that that trend may continue. Pending sales – properties under contract but not yet sold – have made small but positive gains each month since August, indicating that fourth quarter sales activity will surpass last year. “It appears that the fourth quarter is starting out strong. We saw sales activity slow just a bit earlier this year but it appears now that that was temporary. Thanks to a better job market and continued low interest rates, it seems that consumer confidence is growing. All the signs bode well for a strong, healthy housing market in 2015,” said Bruce Lane, 2015 President of the Rhode Island Association of Realtors. Multi-family sales followed the path of single family sales with sales activity also increasing five percent in October. The median price soared by 30 percent to $168,000, again, likely caused by a 34 percent decline in the number of distressed sales. Sales of condominiums rose seven percent, though the median price dropped four percent to $190,000. Distressed sales rose by nine percent last month in the condo market, which should pave the way for higher prices in the months ahead as lower priced foreclosure and short sales are pushed out of the market. |
Bruce Lane2015 REALTOR® October 2014 ------------------ October 2014 ------------------ October 2014 ------------------ October 2014
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About the Rhode Island Association of REALTORS®The Rhode Island Association of REALTORS®, one of the largest trade organizations in Rhode Island with more than 5,000 members in nearly 1,000 offices, has been serving Rhode Islanders since 1948. Advocating for Rhode Island's property owners, the Rhode Island Association of REALTORS® provides a facility for professional development, research and exchange of information among its members and to the public and government for the purpose of preserving the free enterprise system and the right to own real property. Last year, RI Realtors transacted $6.9 billion in residential real estate sales and $7.1 billion in total sales and rentals including commercial transactions. The Association is one of more than 1,500 boards and associations that comprise the National Association of REALTORS® (NAR). The National Association of Realtors®, “The Voice for Real Estate,” is America's largest trade association, representing over 1.5 million members involved in all aspects of the residential and commercial real estate industries and who subscribe to a strict Code of Ethics. REALTOR® is a federally registered collective membership mark which identifies a real estate professional who is member of the NATIONAL ASSOCIATION OF REALTORS® and subscribes to its strict Code of Ethics. |
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