Projo Biz Blog

The median selling price for single-family homes in Rhode Island plunged almost 20 percent in November, marking the steepest percentage decline in year-over-year monthly prices since The Warren Group began tracking the state's real estate market in 1989.

The median price for single-family homes fell 19.6 percent to $205,000 from $255,000 in November 2007, according to The Warren Group, a Boston-based real estate tracking firm.

November's percentage decline was even sharper than September's when median home prices slumped 17 percent compared to a year earlier. Year-to-date the median home price has retreated 12.4 percent to $234,250 from $267,500.

"November is the sixth consecutive month that median home prices in Rhode Island have been off by double-digit percentages. Homeowners are being pushed to lower asking prices as buyers, shaken by stock market woes and unemployment growth, hold back on making major purchases," said Timothy Warren Jr., CEO of The Warren Group. "Home prices won't recover until consumer confidence picks up and sales climb for several months."

 Tags  RI home prices The Warren Group

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