REGIONAL SPOTLIGHT: Rhode Island Home Sales Rise in January, Prices Still Inching Downward

RISMEDIA, March 8, 2007-Increases in single-family home sales in Washington and Kent counties helped push sales across Rhode Island up by 12.8% in January, compared with year-before numbers. But the median sale price continued to decline, and in January fell 2.8% below the median price in January 2006, according to The Warren Group, which tracks real estate data across New England.

The median sale price of single-family homes was $256,500 in January, down from $264,000 the year before. January's price was also up slightly compared to the month before. In December 2006, the median sale price was $255,750. Sales went up from 523 in January 2006 to 590 in January 2007.

Condominium prices also dropped in January by 2.2% compared to the year before, from $235,250 in January 2006 to $230,000 in January 2007. Sales remained steady, with 175 sold in January 2007 compared with 174 the year before, an increase of 0.6%.

"After the second half of last year, in which single-family home sales most months fell under year-before numbers, Rhode Island's housing market appears to be getting more active," said Timothy Warren Jr., CEO of The Warren Group. "One month does not make a trend, but the increase in sales is certainly a hopeful sign. Median prices in the state have stayed remarkably steady, especially considering the large drop in prices seen in neighboring states, like Massachusetts. If sales continue to rise, January's slight drop in median price will probably be a blip."

For more information, visit www.thewarrengroup.com or call 617-428-5100.