R.I. housing growth outpaces region in June, says RE/MAX

Rhode Island posted the highest gains in New England in the growth of its housing market in June, according to the new monthly housing report from RE/MAX of New England. More

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R.I. housing growth outpaces region in June, says RE/MAX

BLOOMBERG FILE PHOTO/TY WRIGHT
DURING JUNE, Rhode Island had the highest growth in the housing market in all of the New England region, according to RE/MAX of New England.
Posted 7/18/13

PROVIDENCE – Rhode Island posted the highest gains in New England in the growth of its housing market in June, according to the new monthly housing report from RE/MAX of New England.

Year to year, total home transactions in the Ocean State rose 32.2 percent in June, while most other states in New England all saw their numbers increase by 14 to 19 percent. No market information was available for Maine in the report.

Rhode Island’s median price increased 12.5 percent, from $200,000 to $224,900, over last June, again topping the region. The rest of New England was more variable, ranging from a 0.8 percent increase in home prices in Connecticut to 10.1 percent increase in New Hampshire.

All of New England posted sizable gains in June, reflecting a resurgent housing market in the region.

“Inventory will continue to be a key housing recovery indicator,” Dan Breault, RE/MAX of New England’s EVP and regional director, said in a statement. “New England inventory is up in every state except Rhode Island and Vermont, but as prices continue to rise, more sellers will come off the sidelines.”

Rhode Island’s inventory fell from 7,162 in June 2012 to 5,815 this year, as the number of units increased 940 to 1,243. Year to year, the number of pending sales rose from 881 to 1,220.

Massachusetts saw its median price rise from $317,000 to $340,000, its inventory fall from 34,427 to 25,036, its units increase from 6,414 to 7,435, and its pending sales jump from 5,819 to 7,746.

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