Warwick, RI, January 28, 2010...December home sales statistics released today by the Rhode Island Association of Realtors (RIAR) indicate a continued recovery in the Rhode Island housing market.  The median price of existing single family homes rose for the second consecutive month, up 5.3 percent, from $190,000 in December 2008 to $200,001 last month. The number of sales increased 18.5 percent year over year, the ninth consecutive increase in monthly sales this year.  Foreclosures and short sales decreased, accounting for 33.3 of all single family sales in December 2009 compared to 43.3 the year prior.  The median price of an existing single family home sold by conventional terms, not under duress, was $230,500. 


Talking Points -Continued recovery is occurring in the Rhode Island housing market-Housing affordability has not been this favorable since the 1970s -- we have low interest rates, good prices and available tax credits to help people buy-The single family home median price is up year over year for the second consecutive month-Single family sales have risen year over year every month since April-While some may notice that single family price and volume fell from November to December, it should be noted that that is a typical seasonal fluctuation, not an indication that the market is sliding backwards.  Statistics should be compared year to year -The percentage of foreclosure and short sales is decreasing-While multi-family sales fell slightly year to year in December, the median price made double digit gains - sales volume and price are returning to normal levels as distressed properties move out of the market-We anticipate that the federal government's tax credit should help bolster the spring real estate market, particularly as more people become aware of the extension and expansion.