RI Realtors Report February Homes Sales Regained Strength in February

Warwick, R.I. – March 23, 2018 — After falling behind last year’s pace in December and January, single-family home sales in Rhode Island jumped ahead of 2017’s activity by 4.5 percent last month. The data was released in a report by the  Rhode Island Association of Realtors today.

The increase in sales occurred despite a drop in available inventory of 15.6 percent compared to February of 2017. Monthly pending sales, typically a sign of moderating sales to follow, have also declined year-over-year for 15 consecutive months.

The increase in Rhode Island home sales ran counter to the trend in other northeastern states which was reported by the National Association of Realtors earlier this week.  The national association reported that Northeast sales declined 12.3 percent overall in February.

The surge in activity was also accompanied by an increase in median price. February’s median sales price of single-family homes was $250,000, 8.2 percent higher than that seen 12 months earlier.  More…

About the Rhode Island Association of REALTORS®
The Rhode Island Association of REALTORS®, one of the largest trade organization in Rhode Island with more than 5000 members in approximately 800 offices, has been serving Rhode Islanders since 1948. Collectively, RI REALTORS® transacted more than $4.8 billion in real estate sales last year.
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 1,400 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.
Contact: Kerry Park
Ph: 401-432-6948

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Avatar About the Author: The Rhode Island Small Business Journal is a printed monthly magazine and an online resource for the aspiring and start-up entrepreneur and small business owner.

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