2013 proves to be a year of high activity for the real estate market. In comparison to last year's February numbers, Rhode Island's single family home sales
have reached double digits in price appreciation as median prices rose from $170,000 to $189,500. Additionally, this past February mark the fifth consecutive month in increased prices. "We've definitely turned the corner in terms of price," said Victoria Doran, President of the Rhode Island Association of Realtors. Potential home buyers in the past have definitely taken advantage of the low interest rates and reduced prices. Now would-be buyers are anxiously awaiting more properties to get on the market. Other factors, such as a higher employment demand and low mortgage rates, help strengthen the housing industry's momentum. Most importantly, these factors indicate a continued strength in property values, especially on a national level. "Economic data continues to support the housing recovery," David M. Blitzer, chairman of the Index Committee at S&P Dow Jones Indices, said in a statement for USNews.com.
"Single-family home building permits and housing starts posted double-digit year-over-year increases in February 2013. Steady employment and low borrowing rates pushed inventories down to their lowest post-recession levels."