RHODE ISLAND ASSOCIATION OF REALTORS®, INC. "The Voice of Real Estate in Rhode Island" Press ReleaseContact: Kerry Park |
 |
|
Solid Price Gains in Housing in April
Warwick, RI, May 27, 2014…The Rhode Island Association of Realtors reported that the median price of single family home sales rose sharply last month, increasing 17 percent from the prior year, to $210,000. Though sales activity was down five percent from April, 2013, the number of single family homes on the market rose two percent, the first year-over year increase in single family home inventory since March of 2012. “We’re excited to see more homes coming onto the market. There’s been too little to choose from for too long. With interest rates remaining low, prices on the rise, and buyers’ options expanding, we should be seeing good opportunities ahead for both buyers and sellers,” said Robert Martin, President of the Rhode Island Association of Realtors. The condominium market also saw strong gains with median price rising ten percent to $172,500 and sales activity increasing by three percent. Among multi-family properties, median price rose thirty percent to $139,400, accompanied by a decrease in sales activity of 19 percent. Tougher lending requirements and spent demand on the part of investors who snatched up properties at their lowest, have tempered sales in the multi-family market. According to Lawrence Yun, Chief Economist for the National Association of Realtors, the upside of rising prices is a recovery in home equity. “Based on our forecast for this year, the median home equity gain over three years is expected to be $40,000,” Yun said at a recent presentation to residential Realtors at the Realtor Party Convention and Expo last week. Yun expects a continued uptrend in the market through 2015 with 30-year mortgage rates reaching 4.7 percent this year and 5.5 percent next year. “The recent drop in Rhode Island’s unemployment is a good sign for the future of the state’s housing market,” added Martin. “Obviously, home affordability will decrease as interest rates rise so the more people who are employed and back on solid financial ground, the more entrenched our recovery will be.” |
Robert Martin2014 REALTOR® April 2014 ------------------ April 2014 ------------------ April 2014 ------------------ |
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. |
|
