Rhode Island Realtors optimistic as home sales drop, but prices continue to rise
By APFriday, August 27, 2010
RI home sales drop, but prices are on the rise
WARWICK, R.I. — The Rhode Island Association of Realtors is optimistic about the future of the state’s housing market despite a steep decline in sales of single-family homes last month.
The group said Friday that sales of single-family homes fell 34 percent in July when compared with the same month last year as the federal homebuyer’s tax credit expired.
But President Karl Martone says the market has shown strong signs of recovery for several months and he sees no indication of any long-term changes as long as the unemployment rate continues to fall and interest rates stay low.
The good news is that the number of distressed sales — foreclosures and short sales — was down 54 percent in July compared to the year-ago month.
The median price for single-family homes rose 8 percent to $227,500.
