RI home sales, prices both decrease in February

A home for sale. (WPRI 12 file photo)

WARWICK, R.I. (AP) — The Rhode Island Association of Realtors says bad winter weather and worries about increasing flood insurance premiums likely played roles as home sales and prices in the state declined in February.

The group said Thursday that single-family home sales were down 5 percent compared with February of last year. The median price dipped 2 percent to $185,000 compared with February of last year and was down nearly $10,000 from January.

Association President Robert Martin said it appears the downturn will be short-lived.

The group says there was much concern about big spikes in flood insurance premiums in February, before Congress and President Barack Obama capped premium increases this month in response to angry homeowners facing skyrocketing premiums.

Multifamily home sales and prices increased 5 and 45 percent in February, respectively.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s