WARWICK – Although about two-thirds of Rhode Island communities showed some depreciation in home prices during the second quarter, the Rhode Island Association of Realtors said the statewide 1.75-percent year-over-year drop in the median price for a single-family home does not represent a “drastically declining” market.
In a statement, RIAR President Cecile Cohen said a steady Rhode Island job market and low interest rates are signs that the market is steady.
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“We’ve said all along that all real estate is local,” said Cohen. “When people see headlines citing falling or rising prices, that doesn’t necessarily mean that’s what’s happening in their neighborhood.”
The number of homes sold during the second quarter dropped 6.3 percent to 2280 compared with 2006, while the days on the market increased 11 days to 87.
The Rhode Island Association of Realtors is comprised of nearly 5,000 Realtors and is one of more than 1,800 local boards and associations that comprise the National Association of Realtors. For more information, go to www.riliving.com.
