RE/MAX: Market could be stabilizing

The housing market may be stabilizing, at least according to figures released this week by RE/MAX New England.
The real estate firm reported that sales of single-family homes in every New England state increased by double digits in June over the previous month. The agency also reported that sales activity in Rhode Island increased for the sixth consecutive month, , while sales in Providence grew 20.6 percent June versus May.
At the same time, the Rhode Island Association of Realtors said that the median price of a single-family home stood at $210,000. That, RE/MAX said, opens the door to first-time homebuyers and enticed some investors to return to the market.
“Most of the sales now are concentrated around first-time homebuyers who were previously priced out of the market,” Rob Scaralia, owner of RE/MAX 1st Choice in Cranston said in a statement. “Before prices came down, they couldn’t afford to live in Rhode Island.”
In the first two quarters of 2009, total transactions for single-family homes reached about 3,400, RE/MAX reported. Sales of condos also have been increasing since January, with about 150 selling in June. According to Scaralia, the majority of the sales activity for single-family and condominiums is in the $150,000 to $250,000 range.
On a national basis, the National Association of Realtors reported that existing home sales rose 3.6 percent in June, and have now risen month-to-month for three consecutive months, the first time that has occurred in five years. National existing home sales are down 0.2 percent from June 2008.