RIAR: Median price less than $300,000 in 1Q

WARWICK – In the first three months of the year, 83 percent of homes sold in Rhode Island sold for less than $300,000, according to a second analysis of first-quarter home sales released by the Rhode Island Association of Realtors.
Early this month, RIAR had announced its quarterly statistics and in the new report sought to give more in-depth look at pricing trends.
The amount of homes that sold for less than $300,000 was greater than the 62 percent that sold for less than that price in the first quarter of 2005, when the median price was similar.
Of the 1,033 homes that sold for less than $300,000, 474 sold for less than $150,000.
“Conventional mortgage rates and first-time homebuyer incentives have improved substantially and housing affordability has reached 1998 levels,” RIAR President Paul A. Leys said. “That’s really impacted the growth of the lower-end market.”
The Rhode Island Association of Realtors has more than 4,700 member Realtors, who in 2008 were involved in more than 10,000 transactions totaling $2.8 billion. The RIAR is one of more than 1,800 local boards and associations comprising the nation’s largest trade association, the National Association of Realtors. To learn more, visit www.riliving.com.