Projo 7 to 7 News Blog

The number of single-family houses sold in May showed a small increase from the same month a year ago, but prices remained sharply lower, according to figures made public Monday by the Rhode Island Association of Realtors.

In May 2009, 666 single-family houses were sold, a 2.2 percent increase from the 652 sold in May 2008. For the same time period, the median sales price fell 24.8 percent, from $252,500 to $190,000.

The percentage of distressed sales fell in May when compared to April. In April, 42 percent of the 529 houses sold were considered distressed, meaning they were sold through foreclosure or as short sales, when a bank agrees to a sale for a price that is less than what is due on the mortgage. In May, 34 percent of the sales were distressed, according to the Realtors association.

"We're moving in the right direction," said Paul Leys, president of the Realtors association. "It's a slow process but we seem to be better able to absorb foreclosures now." He said that the number of foreclosures in Rhode Island is not expected to spike in the coming months due to the end of foreclosure moratoriums, as is the case in many other states.

 Tags  Paul Leys RI association of realtors single-family houses

Comments

Dave from ashaway said:

Eventually when the bad or distressed situations dwindle down the figures will get better. 6% of a short sale is better than no sale. The dream of living in the nice town you grew up in is still out of reach for too many.

Link | June 22, 2009 6:31 PM
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