NEW: RI Home Sales Up 5.7% in RE/MAX of NE January Report

GoLocalProv Real Estate Team

NEW: RI Home Sales Up 5.7% in RE/MAX of NE January Report

Rhode Island home transactions rose 5.7%, in January 2014 compared to the previous year.
According to the RE/MAX of New England January Monthly Housing Report, Rhode Island posted the second-largest year-over-year gains in home transactions in New England, up 5.7%, while median prices rose 11.4%. Pending sales were up 4.8% year-over-year.

Overall, the report shows pending home sales are up on average 28.1% over January 2013. Inventory in every state except New Hampshire and Vermont shows a decrease year-over-year. Overall home sales show decreases month-over-month, an expected trend for this time of the year.

“As the snow continues to accumulate in New England, we will experience the effects of home buyers temporarily putting their efforts on hold,” said Dan Breault, EVP/Regional Director of RE/MAX of New England. “When we turn the corner on the weather, we will see renewed activity in the market.”

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Every state except Rhode Island and Vermont experienced a dip in sales year- over-year.

New England outlook

Massachusetts showed a decrease of -2.1% in total transactions year-over-year. The median price increased 14.0%. Pending sales were up 37.4% over January of 2013 – the highest in the region.

In Connecticut, the number of total transactions is down -2.0% year-over-year, while the median price rose 11.4. Pending sales were up 35.0% year-over-year.

Vermont experienced a boost in total transactions, up 10.2%, while median price increased just slightly at 0.08% year-over-year. Pending sales were up 24.3% year-over-year.

In New Hampshire, home transactions decreased -14.3% year-over-year, and median price rose 10.8%. Pending sales were down slightly -1.3%.

MLS data is currently not available for Maine.


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