Double Digit Growth for RI Median Home Price in February

Warwick, RI, March 28, 2013 – Rhode Island’s single family home sales showed double digit price appreciation from a year earlier in February, with median price rising from $170,000 to $189,500. February marked the fifth consecutive month of increasing prices.

While median price rose 12 percent, sales activity seems to be slowing, rising just two percent last month from February, 2012. Sales under contract but not yet closed, considered by many to the most current market indicator, were down one percent. The supply of homes for sale dropped 18 percent from the prior year, a contributing factor in the slowdown in sales activity, according to statistics released today by the Rhode Island Association of Realtors.

“We’ve definitely turned the corner in terms of price,” said Victoria Doran, President of the Rhode Island Association of Realtors. “The flip side of that is that sales are slowing down. It appears that many of the people that wanted to take advantage of low prices have already done so. We may need to wait until the typical factors that influence people to buy – job changes or the need for a larger or smaller home for example – motivate buyers before activity picks up.”

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