RI Housing Market Improves

PROVIDENCE, R.I. (WPRI/AP) - For the first time in years, home prices in Rhode Island increased in November. According to the Rhode Island Association of Realtors, the median price of a single family home increased 1.2% to $205,000. That's up from $202,500 at the same time last year.

It's the first month the median price has risen in Rhode Island since July 2006. The national real estate tracker, Zillow, says "Rhode Island is second only to Boston in having the largest gain in home values in 2009".

Home sales are also up in Rhode Island. The volume of single family home sales showed strong gains for the eighth consecutive month, up 61.1% in November. The Association of Realtors says inventory fell 16.5% and is now at its lowest level since January of 2006. It's a sign that Rhode Island is close to seeing a balance between buyer and seller demand.

Massachusetts Housing:
In Massachusetts, experts say sales of single family homes in Boston surged about 60% higher than last November. The Massachusetts Association of Realtors and the Warren Group both credit the soaring numbers of home sales to the government's homebuyer tax credit.
Condominium sales also showed a dramatic spike in November.

As far as home prices go, The Massachusetts Association of Realtors says the median price of a single family home was up just under 1 percent in November. However, The Warren Group reported a 1.3 percent decrease during that time. The two groups use different methods of calculation.