Median Price of Single-Family Home Hits $450K in RI, Region Outperforms U.S.
Median Price of Single-Family Home Hits $450K in RI, Region Outperforms U.S.
“Year-over-year list price is up 7%. Sale prices are up 11%. Inventory is down almost 40%. Pending sales are down 2.5%, and sales in general, so the amount of units that are closing, are down 27%,” said Scungio
The cause of these trends is incredibly pent-up demand and high-interest rates, which are curtailing homeowners from selling.
“All this data telling us how difficult the market is on top of it — the interest rate environment is, you know, at an all-time high over the past 10 to 15 years, so it's difficult, but there are always ways to get it done,” adds Scungio.
Rhode Island and Region Outperforming Much of Country
According to Scungio, data shows that Rhode Island homeowners continue to build value and equity in their homes. In other parts of the country, home prices are seeing declines.
Nationally, 11 states saw a decline in home price index year over year, including Idaho (-5.7%), Nevada (-4.2%), Montana (-3.6%), Washington (-3.3%), Arizona (-2.9%), Utah (-2.8%), Oregon (-1.2%), Colorado (-0.6%), Texas (-0.6%), Wyoming (-0.5%) and California (-0.3%).
Rhode Island homeowners saw the value of their homes increase at twice the rate of the rest of the country.
Vermont 8.5%
New Hampshire 7.3%
Maine 7%
Connecticut: 6.4%
Rhode Island 5.4%
Massachusetts: 2.8%
This data was provided by CoreLogic and reflects July’s year-over-year performance.
The U.S. national average was 2.5%.