Home prices on the rise in RI

PROVIDENCE, R.I. (WPRI) -- Home prices are steadily rising in the Ocean State, which is a good indicator that the housing market is seeing improvement.

Prices are up in 19 out of 20 major cities, and Rhode Island looks to be moving in the right direction.

"Year over year we didn't rise, but we certainly didn't fall short of transactions closed, so in actuality we're doing fairly well," said Karl Martone of RE/MAX Properties. "Rome wasn't built in a day, as they say."

According to Martone, 25 percent of Rhode Island's market was foreclosure-driven this year, down 2 percent from the previous year.

He describes our current housing market as "peppy," and said that sellers must be firm and price right if they want to be successful.