WARWICK – The number of single-family homes on the market in Rhode Island was 5.69 percent smaller in November than in October, according to a report today from the Rhode Island Association of Realtors.
But despite that shrinkage, the housing inventory remained 11.05 percent larger than in November 2006. The RIAR report showed the state had 6,100 unsold homes at the end of November 2007, up from 6,468 at the end of October and 5,493 at the end of November 2006.
Rhode Island's Market Has Changed. Developers, Builders, Investors and Sellers Must Change With It.
By Emilio DiSpirito IV License Partner | Engel & Völkers Oceanside Leader | The DiSpirito…
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At the same time, the number of sales of single-family homes also fell, the association said. It projected only 747 closings in November 2007, 14.5 percent fewer than in the same month a year ago.
The median price of single-family homes sold in the Ocean State from September to November was $265,000, 3.64 percent lower than in the same three months of 2006, the RIAR said.
RIAR President Rob Scaralia said national media reports about the subprime mortgage meltdown had a big effect on the local market, although in Rhode Island, “only 1 percent of our homes will be threatened by foreclosure,” he said.
“Getting the subprime scare behind us should help to restore consumer confidence in the market overall,” Scaralia added.
The Rhode Island Association of Realtors has nearly 5,000 member Realtors, who last year were involved in nearly 12,000 transactions totaling $3.95 billion. The RIAR is one of more than 1,800 local boards and associations that comprise the nation’s largest trade association, the National Association of Realtors. To learn more, visit www.riliving.com.
