From November 2011 to November 2012 home sales have seen a major 14.5% increase! In fact the housing market has been on the 'up and up' for 17 straight months! Wouldn't you agree its about time we hear some positive news?!
Over 5.04 million homes have sold in the United States from November 2011 to November 2012, causing a 14.5 percent increase in home sales. Recent home sale statistics have seen the greatest jump since July of 2007 (if we exclude the rush in November of 2009 to take advantage of the first-time home buyers $8,000 tax credit causing 5.44 million units to sell).
Due to a 50 percent surge in the sale of homes priced over $750,000 and a 4 percent decrease of homes valued under $100,000, the average home sale price across the land is $180,600. A 10.1 percent increase over November 2011. If you have been holding out to sell your home, with the large amount of buyers and home prices up, now may be a good time.
Market inventory is down to a 4.8 month supply (anything under 6 months is considered a "seller's market"). In very recent November 2012 there were 2.03 million homes for sale, that is a -3.8 percent compared to October 2012 and -23% versus November of 2011! As inventory decreases, demand increases and home prices go up. If this is a motivating factor for you to purchase, you can start your Rhode Island home search here.
The National Association of Realtors along with various reliable sources believe that home prices in Rhode Island and the other 49 states will continue to increase as the market strengthens. Job creation, low mortgage rates and household formation are expected to be continuing driving forces as well as the decrease in market friction (appraisal issues and tight underwriting standards). Curious about any specific neighborhood or town in Rhode Island? Click here for a side-by-side zip code comparison.