RHODE ISLAND ASSOCIATION OF REALTORS®, INC. "The Voice of Real Estate in Rhode Island" Press ReleaseContact: Kerry Park |
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REALTORS RELEASE AUGUST HOME SALES DATA
Warwick, RI - September 25, 2014…According to statistics released today by the Rhode Island Association of Realtors, the median price of single family home sales fell three percent in August from 12 months earlier to $218,000. Sales activity also slowed by eight percent, though with the exception of last year, the number of sales was the highest recorded in August since August, 2005. A slight increase in pending sales - those under contract and expected to close in the coming months - indicates that sales activity will remain stable. "We’re closer to a normal market than we have been in years. There’s a good balance between supply and demand,” noted Robert Martin, President of the Rhode Island Association of Realtors. "We'll see some ebbs and flows from month to month but foreclosures and short sales continue to be pushed out of the market which helps to drive prices upward over the long term." The number of distressed sales in the single family home market fell by 29 percent in August from 12 months earlier. Though sales among multi-family properties declined by nine percent, median sales price climbed to $169,000, a 25 percent increase from August, 2013. Once heavily marred by short sales and foreclosure sales, the number of distressed sales fell by 24 percent in the multi-family market from a year ago. “There’s something for everyone in this market. Buyers can take advantage of interest rates that have remained near historic lows and many of those who have waited for gains in equity to be able to sell, are now in the position to do so,” said Martin. |
Robert Martin2014 REALTOR® August 2014 ------------------ August 2014 ------------------ August 2014 ------------------ August 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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