Residential Housing Report a Mixed Bag in Latest Report

GoLocalProv Real Estate Staff

Residential Housing Report a Mixed Bag in Latest Report

Number released today by the Rhode Island Association of Realtors (RIAR) showed on the positive side that single family homes' median prices rose 4% from September to October and was up 10% over the previous October. In 2010, October's median price was $220,500, up from $200,000 in October 2009. 

 

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On the down side, but the number of single family home sales fell 11% in Rhode Island from September to October and 35% from October of the previous year. This trend was not unexpected with the loss of the federal home buyer tax credit.

"A year ago, the initial deadline for the home buyer tax credit was looming, causing sales to surge. We're not up against a deadline to take advantage of a major tax benefit this year so we're measuring current sales against unusually high sales last year. That makes the slowdown appear that much more severe,"said Stephen Antoni, President of the Rhode Island Association of Realtors.

Similarly, condo and multi-family sales mirrored home sales - the median price up 8% and sales down 34% from October 2009 in the condo sector, and the median price up 32% and the number of sales down 43% among multi-family sales during the same period. 

The inventory of single family properties on the market was up 20 percent from the previous year, and the number of condos and multi-family units increased 5% and 18% respectfully.

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