Graphics from Re/Max February Housing Report.
WPRO Newsroom
The 2013 February RE/MAX of New England February Housing Report shows that real estate inventory and median price both increased from February of 2012.
The number of total home transactions in February 2013 rose to 640 from 524 in February 2012. Rhode Island saw the largest year-to-year gains in region, climbing 22.1 percent from last year.
The median price also jumped from $172,150 to $186,500 this year.
According to the report, this is the first time in months the state has seen an increase in median prices, something that denotes an improving housing market.
Still, Rhode Island saw the least increase in median price when compared to other New England states like Massachusetts, New Hampshire and Vermont. Rhode Island did show a greater median price growth than Connecticut, however.
But the news isn't all good. Overall, inventory is down 20-percent versus last year.
“Sellers are still a little reluctant to list their home, forcing inventory to decrease as sellers wait for the temperature to rise and spring to set in,” said Dan Breault, EVP/Regional Director of RE/MAX of New England in a statement. “The New England market is starting to see median prices uptick, as buyers are in bidding wars for the limited properties on the market. It’s apparent that homeownership continues to be an important milestone for most Americans.”
