Housing Market Improves Over May

Housing Market Improves Over May

The housing market continues to be a story of good news and bad news. June home sales data released today by the Rhode Island Association of Realtors show sales of single family homes up 16% from May to June but down 22% from June 2010. Six hundred and ninety-nine (699) single family homes sold in the last month. 

The median price of single family homes rose 2% from the month prior to $215,000, and was 2% lower than a year ago. 

“Sales and median price have been rising steadily throughout the spring. That, combined with a rise in pending sales, bodes well for Rhode Island’s traditional housing market. We’ve seen prices going up for more than a year and a half and now we’re starting to see some upward movement in sales activity as well. It’s a slow but steady recovery,” said Stephen Antoni, President of the Rhode Island Association of Realtors.

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Distressed

Foreclosure and short sales decreased by 17% continuing a trend that began in late 2009. Pending sales, homes under contract but not yet sold, rose 16% from a year ago. Pending sales are typically viewed as a predictor of the strength of the future housing market.

Condo

Condo sales rose 18% from May to June but dropped 21% since June 2010. The June median sales price rose 11% from the previous month to $200,000 and 9% from the prior year when the median price was $183,000. 

Multi-Family

The multi-family market, which tends to attract investors, slowed month to month and year to year, down 20% from May and 44% from June 2010. The median price of $120,000 held steady from May to June but was down 6% lower than a year ago. Slower sales are attributed to fewer foreclosure and short sales, which decreased 58% from June 2010 – another sign of a strengthening market.