RI median home price jumps 12 percent in February - News, Weather and Classifieds for Southern New England

RI median home price jumps 12 percent in February

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A real estate tracking group says the median sale price of single-family homes in Rhode Island jumped 12 percent to $189,500 in February compared with the same month last year.

"It's gone up 12 percent, which double digits is great. The last five months in a row," said Bruce Lane of the Rhode Island Association of Realtors.

The group said in a new report Thursday that home sales appear to be slowing, rising only 2 percent to 442 last month compared with February 2012. The group says a factor in the slowdown was an 18 percent drop in the supply of homes for sale.

The median price of condominiums soared 55 percent to $193,400 in February compared with the same month last year.

Lane said it appears that many buyers who wanted to take advantage of low home prices have already done so.

"It's safe to say that buyers saw the bottom of the market and thought they would lose out on an opportunity because the market was starting to work its way up, so you would see a great influx of buyers. There are investors who buy condos. There are investors who buy single families but predominantly you have people to buy them to live in and taking advantage of these low interest rates to move into them," Lane said.

Lane told NBC 10 that he sees the pattern continuing in the future.

NBC 10 contributed to this report.

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