“The good news is that our prices are up, but sales activity is not as vigorous as we would like it to be. ”The weather was a factor in the winter months and we didn’t have the benefit of the homebuyer tax credits like we did last year, but the biggest factor may be financing,” commented Stephen Antoni, President of the Rhode Island Association of Realtors. “Though mortgage rates remain under five percent and homes are more affordable than they’ve been since 1970, extremely stringent lending standards seem to be holding sales back.”

The condominium market fared slightly better than the single family market with median price rising four percent to $177,000 and sales declining only eight percent.  The number of distressed sales fell 11 percent year to year.

Despite a ten percent gain in median price among multi-family homes, sales activity decreased 38 percent.  The number of properties sold through short sale of foreclosure dropped 46 percent.

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Source:

RHODE ISLAND ASSOCIATION OF REALTORS®, INC.

Press Release 05/03/2011