E-News Archive

February 14, 2007

Median Rhode Island home costs $400 less in 2006
The Rhode Island Association of Realtors released its 2006 year-end home sales data. Statewide, Rhode Island house prices declined less than 0.15 percent in 2006. The median single-family home sold for $282,500, still far out of reach for too many Rhode Islanders.

Foster saw the biggest median price decline (9.48 percent to $353,000), followed by Hopkinton (6.92 percent to $282,500) and Cumberland (6.14 percent to $305,000). Still, three communities saw double-digit increases: Little Compton (43.73 percent to $855,200), West Greenwich (18.22 percent to $390,000), and Portsmouth (12.63 percent to $423,500).

See the Association's community-by-community listing of 2006 single-family house prices. (Statistics for condos and multi-family homes are also available.) And read the Providence Journal story.

Building permits decline for 6th straight year
Single-family home building permits issued in 2006 were down 9 percent from 2005, according to new data from the Rhode Island Builders Association (RIBA). This marks the sixth straight year with a decrease.

Just 1,606 single-family house permits were issued in 2006, down from 1,765 in 2005. Permits have been declining since reaching a high of 2,258 in 2000. 

RIBA, a HousingWorks RI member, feels the 2006 drop is partly due to the overall decrease in housing sales, but they point out that corrections to the housing market have not drastically impacted prices in Rhode Island.

Read the Providence Journal's article about the data.

Bond update
The Housing Resources Commission (HRC) held two public hearings last week on its proposed regulations for Building Homes Rhode Island, the $50 million bond program. The HRC is now reviewing and preparing responses to the comments it received.