Houses in Providence. Photo by Steve Klamkin WPRO News
PROVIDENCE, R.I. (AP) — Housing prices in Rhode Island are up compared to a year ago driven by shortages in supply and construction materials.
The Providence Journal reports on Wednesday the median price of a single family home in April was up 18% compared to the prior year at around $349,000.
The Rhode Island Association of Realtors says demand for housing was coming from people looking to relocate during the pandemic but it is continuing now even as public health restrictions are being lifted.
Building materials like lumber are also in short supply, which slows new housing construction.
