RHODE ISLAND ASSOCIATION OF REALTORS®, INC. "The Voice of Real Estate in Rhode Island" Press ReleaseContact: Kerry Park |
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Home Prices Continue to Rise in November
Warwick, RI, December 23, 2014... The median price of single family home sales rose three percent in November from 12 months earlier, according to data released by the Rhode Island Association of Realtors. Sales activity slipped moderately from 681 sales in November, 2013 to 665 sales last month. The statistics also reveal that the number of homes on the market rose for the 8th consecutive month. Currently, it would take six and one half months to deplete the inventory of single family homes for sale at the current rate of sales. Six months is the time frame indicative of a market balanced between buyer demand and seller supply, according to industry experts. “The improving housing market seems to be encouraging homeowners to list their properties, and an improving economy, along with low interest rates and a good supply of affordable homes to choose from, are attracting buyers as well,” commented Bruce Lane, President of the Rhode Island Association of Realtors. Homes under contract but not yet sold, rose slightly, marking the fourth consecutive month of increased pending sales. Both the condominium and multi-family home sectors experienced growth in median price in November, up 15 percent among condo sales and seven percent among sales of multi-family properties. Sales activity slowed in both categories. Realtor statistics tell the story of diminishing foreclosure and short sales throughout the year. Distressed sales accounted for 15 percent of all single family home sales in November compared to 22 percent at the beginning of the year. Such sales fell to 28 percent of all multi-family sales last month from 43 percent in January, and from 14 percent of all November condo sales, compared to 22 percent in January. Increases in median price, in which half the sales sell for more and half sell for less, are the result of fewer low-end, distressed properties on the market. “We’re getting there. We’re drilling down to the last of the sales caused by financial duress. As long as we keep heading in this direction, 2015 should be a good year,” said Lane. |
Bruce Lane2015 REALTOR® November 2014 ------------------ November 2014 ------------------ November 2014 ------------------ November 2014
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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. |
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