FOR IMMEDIATE RELEASE

Editorial Contact:

Aglaia Pikounis                                                

The Warren Group

(617) 896-5370

apikounis@thewarrengroup.com

First Quarter Median Home Price Drops 26% in Rhode Island;

Home, Condominium Sales Decline By Double-Digit Percentages

BOSTON, April 30, 2009 – The single-family median home price in Rhode Island fell 25.9 percent in the first quarter compared to the same period in 2008, according to the a new report from The Warren Group.

The median home price dropped to $180,000 during the first three months of 2009 from $243,000 in the first quarter of 2008. The March median home price was $177,200, a 27 percent decline from $242,750 in March 2008. That was the steepest decline in median sales prices for the month of March since The Warren Group started tracking the state’s home price change in 1989. Monthly median home prices have been declining by double-digit percentages since last June.

“This was a pretty dismal quarter for Rhode Island home prices. Prices really aren’t showing any signs of leveling off. We don’t think that’s going to happen unless there are some steady sales gains,” said Timothy M. Warren Jr., CEO of The Warren Group.

Sales of single-family homes tumbled 12.3 percent during the first quarter to 1,200 from 1,369 in the same months a year earlier. March home sales totaled 464, 11.8 percent lower than the 526 single-family home sales transactions recorded in March 2008.

Condominium sales fell sharply in the first quarter. A total of 215 condos sold from January through March, down 31 percent from 311 during the same months last year. In March, there were 84 condo sales -- 11.6 percent lower than the 95 sales in March 2008.

The median price for condos sold from January through March retreated 16.3 percent to $180,000 from $215,000 during the same months last year. The median condo price in March plunged 22.1 percent to $167,500 from $215,000.

“Perks like the first-time homebuyer tax credit and low interest rates could spur home sales, but those types of incentives aren’t going to help too much if people are worried about their jobs and overall economic conditions,” Warren said.

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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