Housing Sales Up in July
Warwick, RI, August 18, 2011… July
single family homes sales increased 22 percent in Rhode Island from the year prior, an expected increase due to the slow sales activity in July of last year following the anticipated expiration of the federal home buyer tax credit. The credit expired on September 30, 2010 but was previously set to expire on June 30th of that year. Sales soared prior to the June deadline which exhausted buyer demand in the following months, beginning in July, 2010. According to the Rhode Island Association of Realtors (RIAR), July signifies the first time sales have increased year over year since June 2010. Pending sales - those under contract but not yet closed - also increased, up eight percent compared to the same time period last year. Though the number of sales rose to 643 last month from 526 a year earlier, they remained below the July, 2009 level of 795.
