REALTORS REPORT ANOTHER STRONG SHOWING FOR R.I.’S HOUSING MARKET IN THIRD QUARTER

Warwick, R.I., October 26, 2016 – The Rhode Island Association of Realtors reported that Rhode Island single-family home sales rose 10.2 percent in the third quarter compared to July through September of 2015, breaking all quarterly records for Realtor-assisted sales. The median price of those sales increased to $245,000, a 4.5 percent gain.

“This year has been a banner year for home sales. The uptick in the economy, low interest rates, improved job growth and enhanced consumer confidence, have brought buyers back into the market. First-time and move-up buyers, and even those whose credit was hurt during the recession, are now able and willing to invest in real estate again,” commented Arthur Yatsko, 2016 President of the Rhode Island Association of Realtors.

Single-family home sales ended the quarter with a year-over-year increase in September sales activity of 9.9 percent and an increase in median price of .43 percent to $231,000. Sales under contract but not yet closed dropped .5 percent, the first decrease in pending sales since February, 2015. There was a 4.9-month supply of single-family homes for sale in September, giving sellers a slight advantage. Industry experts consider a six-month supply of homes balanced between supply and demand.

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