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Do Buyers Believe Prices Have Bottomed?

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RISMedia, June 21, 2011— According to RE/MAX of New England Executive Vice President Jay Hummer, the market is active with buyers who believe that prices have bottomed out and interest rates will soon be on the rise. Included below is a short summary of each New England market:

• Connecticut experienced a sizeable 14.2 percent increase in home sales in May, and its 10.5 percent surge in median price is second only to Rhode Island.

• After a strong April, Maine experienced the smallest level of growth in May in New England, with only a 5.1 percent increase in home sales and only a 2.7 percent increase in the median price.

• Massachusetts once again experienced strong growth, with a 14.1 percent jump in home sales and a 7.2 percent increase in median price. At $292,250, the median price is also the highest in New England.

• In New Hampshire, a 16.3 percent surge in sales helped drive down the number of days on market by 31—a full month! That’s the largest month-to-month decline of days on market in any New England state.

• Rhode Island’s struggling housing market experienced an explosion of growth in May. The Ocean State’s 21.2 percent surge in home sales and 10.7 percent jump in median price lead all New England states in month-to-month gains.

• Vermont kept pace with other New England states, posting a 14.5 percent jump in home sales and a 6.0 percent increase in median price. However, homeowners in the Green Mountain State are on average experiencing 199 days on market. That’s by far the longest in New England.

To hear more about this month’s report, and to find out some of the criteria Jay is watching to assess the health of the New England housing market, we invite you to listen to and include our Monthly Housing Report Podcast as part of your story.

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