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Housing Market Momentum Continues in September

WARWICK, RI – September home sales activity continued to outpace that of last year, with the number of single family home closings rising nearly ten percent from September, 2014. Median price also increased almost 12 percent to $230,000.  Rhode Island saw the largest gain in year-over-year price appreciation since October, 2014 according to the Rhode Island Association of Realtor.

Sales under contract but not yet closed increased nine percent from a year ago, an indication that sales levels will remain above last year’s in the months ahead.  The number of foreclosure and short sales dropped 38 percent from the prior year.

The multi-family home market also made solid gains with the number of closed transactions rising ten percent and median price increasing 20 percent compared to September, 2014.  As distressed sales continue to be pushed out of the market however, pending sales have decreased, an indication of a slowdown on the horizon in multi-family home sales.

While sales activity also increased in the condominium market, the median sales price dropped seven percent to $200,000.  Distressed sales decreased 37 percent over the past year. Activity in the condo market is slowing down.   Pending sales, while still three percent ahead of last year, diminished from the prior month.

“There’s really very little new to report. Rhode Island’s housing market has been doing well throughout 2015 and continued to thrive in September,” commented Bruce Lane, 2015 President of the Rhode Island Association of Realtors.  “A better economy and remarkably low interest rates are helping to keep the momentum moving forward.”

The Rhode Island Association of Realtors will release third quarter housing sales statistics on October 29, 2015.

 

 

 

 

 

About the Rhode Island Association of REALTORS®

The Rhode Island Association of REALTORS®, one of the largest trade organizations in Rhode Island with more than 4,400 members in approximately 750 offices, has been serving Rhode Islanders since 1948. Advocating for Rhode Islands 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 and who subscribe to a strict Code of Ethics.

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.

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