R.I. housing market improves in July

Home sales and prices rose in July across all segments of the housing market, pointing to a market rebound, according to detailed state housing figures released Thursday by the Rhode Island Association of Realtors. More

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Real Estate

R.I. housing market improves in July

BLOOMBERG FILE PHOTO/JACOB KEPLER
HOME SALES AND PRICES increased in Rhode Island in July, and homes spent less time on the market, as the housing market showed signs of recovery.
Posted 8/22/13

WARWICK – Home sales and prices rose in July across all segments of the housing market, pointing to a market rebound, according to detailed state housing figures released Thursday by the Rhode Island Association of Realtors.

“Agents have been really busy in the past few months which is a drastic change from what we saw a few years ago,” Rhode Island Association of Realtors President Victoria Doran said in a statement. “Evidence of the housing rebound is clear and it doesn't show any signs of stopping.”

The number of existing single-family homes sold increased 21.8 percent over the year, from 786 in July 2012 to 957 in July of this year. The median price rose as well from $207,000 to $216,000, an increase of 4.3 percent. July was the 10th consecutive month with a year-over-year median price increase, according to a release. Single-family homes sold slightly faster in July, averaging 81 days on the market compared to 87 in July 2012.

The condominium market picked up as well, with 162 sales in July compared to 97 in July last year, a 67 percent rise. The median condominium price rose 22.2 percent from $157,500 to $192,500. Condos also spent less time on the market, averaging 97 days in July 2013, down from 111 at the same time last year.

The multifamily market, often the most affected by foreclosures and short sales according to RIAR, also showed signs of returning to normal conditions. Sales in that category increased by 9.3 percent to 129 in July, up from 118 in July last year. The median multifamily price increased modestly as well, from $135,000 to $144,900, or 7.3 percent. Multifamily homes spent an average 68 days on the market in July, down from 77 in July 2012.

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