RI Real Estate Market Sees Summer Slowdown

RI Real Estate Market Sees Summer Slowdown

The Rhode Island real estate market slowed down this summer with a one percent decline in median home prices in July, while the number of units sold dropped by 7.6 percent, according to the July 2011 RE/MAX of New England Monthly Housing Report.

 

However, year-over-year sales reveal double digit increases in the region. The report shows that, for New England, transactions in July were down 13.6 percent month-over-month, but up 14.5 percent from July 2010.

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“Seasonality can be attributed for the month-over-month sales drop, however, the market is still trending up from the same period last year,” said RE/MAX of New England Executive Vice President, Jay Hummer. “I am hopeful that the fall season, coupled with continued low interest rates, will bring steady growth by the end of the year.”

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