R.I. Home Prices Continue to Rise in Second Quarter

WARWICK, RI – The median priced single family home sold for $11,000 more in the second quarter of this year compared to the same period the prior year, clear evidence that Rhode Island homeowners are realizing strong gains in equity in the current housing recovery.  The increase followed a ten percent increase in price in second quarter 2013 from 2012.

“We’ve made some solid gains in price since the housing recovery began.  Now sales activity is beginning to moderate which is typical in this type of cycle,” said Robert Martin, President of the Rhode Island Association of Realtors, which released the sales data on Wednesday. “Homes were selling at a frenzied pace for a while but now we’re truly getting back to normal.”  Sales activity among single family homes dropped four percent in the second quarter, according to Martin.

The multi-family home sector saw a 14 percent increase in median price in the second quarter, up to $145,000 from $127,500 during the second quarter of 2013.  Like the single family home market, sales activity slowed in multi-family sales by three percent.

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

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