FOR IMMEDIATE RELEASE

Editorial Contact:

Aglaia Pikounis                                                

The Warren Group

(617) 896-5370

apikounis@thewarrengroup.com

Rhode Island Median Home Price Falls 23 Percent in January

Homes Sales Off 8.8 Percent from Last Year; Condo Sales Sink 44.4 Percent

BOSTON, March 2, 2009 – Single-family home prices in Rhode Island during the month of January fell to the lowest level in about seven years, according to a report today from The Warren Group.

The median selling price for single-family homes in January fell 23.3 percent to $184,000 from $240,000 in January 2008. The last time the single-family median home price dipped below $184,000 was in May 2002. The 23 percent drop in monthly home prices exceeded the 21 percent decline in December 2008.

“January didn’t deliver better news for Rhode Island’s housing market. In fact, this is a pretty weak start for the 2009 housing market,” said Timothy M. Warren Jr., CEO of The Warren Group. “The state’s housing market is being battered by rising unemployment and anemic consumer confidence.”

Single-family home sales fell to a 17-year low for the month of January. Home sales dropped 8.8 percent to 371 from 407 in January 2008.

The decline in single-family home sales was modest, however, compared to the drop-off in condo sales during the month. Condo sales plunged 44.4 percent to 70 from 126 in January 2008. Condo sales transactions have fallen by 30 percent or more for eight of the last 12 months, according to The Warren Group. The median price for condos in January was $180,000, a 12.5 percent drop from $205,700 last year.

About The Warren Group

The Warren Group, based in Boston, is the publisher of Banker & Tradesman, The Commercial Record and a series of association publications. As the premier provider of real estate data in New England, The Warren Group offers a range of real estate products and services for professionals and consumers searching for real estate and financial information. For more information about The Warren Group, please visit www.thewarrengroup.com or call 617-428-5100.

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