Thursday, July 22, 2010

Single Family Home Sales and Prices Increase in June

The number of sales and median price of single family homes increased in June according to statistics released today by the Rhode Island Association of Realtors.

Eight hundred and ninety-seven (897) single family homes were sold last month, far surpassing the 667 sales of the previous month. Sales were up 11 percent from the June 2009 level of 805.

Median price rose five percent from a year ago to $220,000, and just over 10 percent from May's median price of $199,900. With the exception of February of this year which saw a small decline in sales, the number of sales has increased year over year every month for the past 15 months and median price has increased since November 2009.

While statistics show that sales volume historically jumps significantly from May to June, it appears that the tax credit originally set to expire in June was also a factor in larger than normal gains from month to month.

For more information, read the full story here.

With interest rate at their lowest in 35 years, the time to buy is now before prices rise.

As always, if you have any questions about Rhode Island real estate, call me at 401-338-5102.