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Sales Continue to Climb in Rhode Island
Statistics show an upward trend in Rhode Island
Warwick, RI, July 24, 2012…Statistics released by the Rhode Island Association of Realtors today show that sales continued to climb in the Rhode Island housing market in June. With a 17 percent increase from June 2011, June marked a full year of increased monthly single family home sales from the prior year. The increase in sales has caused the supply of homes on the market to fall steadily. Median price fell six percent from June, 2011, to $202,500 but rose from $195,000 in May. Pending sales, those under contract but not yet closed, continued to rise for the 13th consecutive month. All trends point to a market that is regaining stability.
"With the market coming back into balance thanks to increased sales, prices have climbed each month since February. Overall, we seem to be on a slow but steady path to recovery," said Jamie Moore, President of the Rhode Island Association of Realtors.
The percentage of distressed, single family home sales also continued to drop. Twenty-three percent of all single family home sales sold through short sale or foreclosure in June, compared to 25 percent a year ago. The median price of only ... more
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