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COURTESY RHODE ISLAND ASSOCIATION OF REALTORS[/caption] On Tuesday, the National Association of Realtors said that single family home sales in Rhode Island rose 17 percent in June, proving that its the"12th consecutive month of increased volume," by PBN.com.
About 815 single family homes were sold in June, an increase of 116 homes sold same time last year, according to an article on PBN. A positive sign for those looking to put their homes on the market. Real estate information firm, Zillow, has stated that that for the first time in 5 years, the market have finally "hit a bright spot" as home values continue to show improvement. ABCNews.com
reports that Zillow´s Chief Economist, Stan Humphries, states that "After four months with rising home values, and increasingly positive forecast data, it seems clear that the country has hit a bottom in home values." And as home values have continued to increase, so has competitive spirit between homebuyers. RealtorMag reports that a lack of inventory in homes for sale has led to a buying frenzy by potential homebuyers.
Low inventory is proving to be a bittersweet outcome of the improving market. But a clear indication of a positive forecast nonetheless.