ProJo: R.I. house prices continue to soar
“There's no doubt that our biggest problem right now is that we can't meet the pent-up demand for housing,” association president Joe Luca said. “People aren't selling. They're staying in their homes longer for a number of reasons.”
PROVIDENCE, R.I. — The median price of houses sold in Rhode Island in June hit $290,000, the highest monthly median price since July 2006, the Rhode Island Association of Realtors reported Friday.
A continuing issue with low inventory led to a nearly 4-percent decrease in the number of houses sold in June, compared with June 2017, the association also reported.
June's $290,000 median price was more than 6 percent higher than it was in June 2017 ($275,000), and it is also “just 2.8 percent less than the highest monthly median price on record.”
“There's no doubt that our biggest problem right now is that we can't meet the pent-up demand for housing,” association president Joe Luca said. “People aren't selling. They're staying in their homes longer for a number of reasons — fewer people are being forced to sell due to distressed sales, some people refinanced to extremely low rates that they don't want to give up, [and] others don't want to sell because they're scared they won't be able to find a home to move to in this market.”
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Courtesy of Providence Journal
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