Realtors Release Sales Statistics Showing Strong Second Quarter in Rhode Island’s Housing Market

WARWICK, RI – The Rhode Island Association of Realtors released sales statistics today from State-Wide Multiple Listing Service, an association subsidiary which tracks all Realtor-assisted sales. The data relayed a Rhode Island housing market that continues to gain momentum. Home sales activity and median sales prices rose in the second quarter from the previous year.

The number of existing single family home sales rose eight percent from April through June from the same time period in 2014, while the median price increased nearly three percent to $225,000. The number of Rhode Island foreclosure and short sales fell by 16 percent from the prior year.

“After a somewhat delayed start, the spring selling season came alive in the second quarter and sales show no signs of slowing down in the near future,” said Bruce Lane, President of the Rhode Island Association of Realtors.  Lane explained that pending sales, or sales under contract prior to closing, were ahead of last year at the end of the second quarter in all housing sectors: single and multi-family homes, and condominiums.  Pending sales are considered to be the most accurate predictor of market activity in the coming months.

Among condominium sales, closings increased by seven percent while the median sales price rose by 13 percent to $214,900 – good news for owners who had seen the condominium market falter in previous months. The number of distressed condominium sales fell by 32 percent.

The multi-family home market also followed suit with sales up six percent and median price up 15 percent. Distressed sales fell by 18 percent.

With the lowest unemployment figures since 2007, Rhode Island’s employment gains have helped fuel Rhode Island home sales.  Second quarter sales were also bolstered by sales which were pushed later into the spring by the past winter’s harsh weather.  Slightly rising mortgage rates have also been a factor which has driven more buyers to purchase homes in recent months.

About the Rhode Island Association of REALTORS®

The Rhode Island Association of REALTORS®, the largest trade organization in Rhode Island with approximately 4,000 members in nearly 750 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.

The Association is one of more than 1,437 local 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 1.2 million members involved in all aspects of the residential and commercial real estate industries.

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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