Median Home Price Still Up While Sales Activity Moderates in May

WARWICK, RI – According to data released by the Rhode Island Association of Realtors today, the median sales price of existing single family homes in Rhode Island rose .7 percent in May to $208,950.  With the exception of February of this year, the median sales price has risen every month from the prior year since October, 2012.

“The market is still recovering but like much of the rest of the country, the recovery has slowed down. Sellers have been lucky that we have seen price increases for most of the year despite a market which slightly favors buyers,” said Robert Martin, President of the Rhode Island Association of Realtors. Martin explained that a six-month supply of homes for sale indicates a market balanced between buyer demand and seller supply. After hovering around the six-month mark toward the end of 2013, the state’s housing market began to tip back slightly in favor of buyers this year. There was a seven-month supply of single family homes on the market at the end of May.

Read full article and accompanying statistics on www.riliving.com/pressreleases.

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