Homeownership is out of reach for far too many Rhode Islanders. The significant increases in median home prices reflect ongoing affordability challenges in the state.
While we see some increase in inventory, we are still far from a balanced market. A supply of at least five months is widely considered necessary for stability.
The growth in median prices for single-family homes and condos indicates persistent demand, despite the rising costs that are making homeownership increasingly difficult for buyers.
The anticipated rate cuts this fall could encourage more listings, but additional new developments are essential to address the housing shortage effectively.
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