Please find the latest weekly comparisons for the state of Rhode Island.
The new listings taken in the market did trend up from the prior week as expected due to the impact of the 4th of July holiday on the prior weeks numbers.
The properties under agreement did trend up as well but the market is still significantly below 2019 levels due to inventory shortages.
The number of sold properties which did show a dip from the prior week but were only 7 units away from 2019 levels for the comparable week. We expect that the market is approaching a period where the 2020 sold numbers may eclipse the 2019 numbers on a weekly basis based on the under agreement information we are seeing.
On a national level, Fannie Mae updated its forecast for home price growth to 4.4% this year. Home prices nationally are rising at the fastest pace since November 2018. However, Fannie Mae also predicted that home price appreciation nationally would slow in 2021 due the elevated levels of unemployment resulting from the pandemic. The Case Schiller data is suggesting a decline in prices in urban areas due to the impacts of Covid-19 and the Work From Home movement.
What does this all mean for Rhode Island? We are experiencing unprecedented buyer demand as people look to move from urban areas. It could be a place near the shore, a great suburban property with a yard or a condo that has private entrances. For sellers, it is an opportune time to list and for buyers looking for alternative lifestyles the low interest mortgage environment is compelling them to act now. To learn what this may mean for you, please contact one of our talented real estate specialists. www.mottandchace.com/agents