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RHODE ISLAND ASSOCIATION OF REALTORS®, INC.

"The Voice of Real Estate in Rhode Island"
Serving Rhode Islanders Since 1948
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Press Release

Contact: Kerry Park
Ph: 401-432-6948
Email: kerry@rirealtors.org

 

RI Association of REALTORS® Releases Projected Closings and Inventory Statistics

September 20, 2007, Warwick, RI – The latest sales statistics from the Rhode Island Association of Realtors show a 9.54 percent decrease in projected closings in August (863 in August 2007 versus 954 in August, 2006) and a 6.2 percent increase in the number of single family homes for sale.  (There were 6,874 homes on the market in the last week of August this year versus 6,473 during the same period in 2006.)  The median price of a single family home sold from June through August of this year dropped from $293,000 last year to $283,750 this year.  Days on market increased 10 days year-to-year to 82 days for the period June through August.

“Homebuyers' confidence is weak despite solid gains in job growth, a stable local economy and continued low interest rates,” said Cecile Cohen, President of the Rhode Island Association of Realtors.  “It's a great time to buy or sell a home but the sub prime mortgage scare and other negative reports seem to be making people hesitant.  In many cases, the facts and their fears aren't in line,” she commented.

The National Association of Realtors (NAR) recently released an analysis of the Providence market which indicates a positive outlook for the Providence market as long as interest rates remain stable.  The report states that “despite some media reports of the worst housing market conditions since the early 1990s, the recent home price declines have been negligible at the local level. Unlike past local housing downturns, which were accompanied with severe job cuts, the local economy continues to add jobs.” Traditionally, two new jobs equates to one new homebuyer in the market.  A net increase of 3100 jobs from July 2005 to July, 2007 should translate to more demand for homes.

“People need to understand that real estate is local. What's happening in Providence isn't necessarily what's happening in other parts of the country,” commented Cohen.  “The Northeast overall is faring better than the rest of the country,” she said.

NAR also released national sales data for July recently which indicated that median prices for single family homes rose in the Northeast by 5.9 percent from July, 2006 to July, 2007.  The number of sales also increased from the months prior by 1.9 percent.

According to NAR Senior Economist Lawrence Yun, “The rise in sales and prices in the Northeast region on a fairly consistent basis in recent month is promising because this was the first region that underwent sales and price weaknesses after the boom.  Now it appears that it will be the first region to climb back.

Cecile Cohen

2007 REALTOR®
State President

 

About the Rhode Island Association of REALTORS®

The Rhode Island Association of REALTORS®, one of the largest trade organizations in Rhode Island with more than 5,000 members in nearly 1,000 offices, has been serving Rhode Islanders since 1948. Advocating for Rhode Island's property owners, the Rhode Island Association of REALTORS® provides a facility for professional development, research and exchange of information among its members and to the public and government for the purpose of preserving the free enterprise system and the right to own real property. Last year, RI Realtors transacted $6.9 billion in residential real estate sales and $7.1 billion in total sales and rentals including commercial transactions.

The Association is one of more than 1,500 boards and associations that comprise the National Association of REALTORS® (NAR). The National Association of Realtors®, “The Voice for Real Estate,” is America's largest trade association, representing over 1.5 million members involved in all aspects of the residential and commercial real estate industries and who subscribe to a strict Code of Ethics.

REALTOR® is a federally registered collective membership mark which identifies a real estate professional who is member of the NATIONAL ASSOCIATION OF REALTORS® and subscribes to its strict Code of Ethics.