RI median home price hits 6-year high

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WARWICK, R.I. (AP) - The Rhode Island Association of Realtors says the median price of single-family homes in the state increased 8 percent in March over the same month last year to hit $205,000, the highest price at the end of the first quarter since 2008.

Association President Robert Martin says the increase was expected after bad winter weather and fears of skyrocketing flood insurance rates slowed sales activity at the beginning of the year. He’s says it’s turning out to be the best spring selling season in years.

The median price in February was $185,000.

The association released new figures Friday that also showed a slight decrease - 0.3 percent - in single-family homes sales last month compared with March of last year. But it said sales rebounded from a lull in February.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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