RI shows 1st gain in home prices in 3 years

AP News
Posted: Dec 23, 2009 9:59 AM

Home prices in Rhode Island have risen slightly for the first time in more than three years.

A survey released Tuesday by the Rhode Island Association of Realtors showed the median home price in the state climbed just over 1 percent in November to $205,000 compared to the same period last year.

That marks the first upward swing in prices since July 2006, just before Rhode Island fell into a bruising recession that has left the unemployment rate hovering around 13 percent.

Foreclosures, which have pushed down sales prices, appear to be tapering off. Foreclosures and short sales accounted for about 23 percent of the single-family homes sold in Rhode Island last month, compared to 37 percent in November 2008.