Wednesday, June 16, 2021
There are growing concerns across the United States and the globe that the housing market is beginning to show signs of overheating. On Wednesday, the RI Realtors Association announced that the median sales price of single-family homes rose to $365,000, an 18% gain since May 2020.
Not surprising is that transactions also increased by 19 percent year-over-year as many closings in the spring of 2020 were curtailed by the pandemic.
Compared to pre-pandemic numbers in May of 2019, last month’s closing activity was down 17.8 percent.
According to Bloomberg, “Real estate prices around the world are flashing the kind of bubble warnings that haven’t been seen since the run-up to the 2008 financial crisis, according to Bloomberg Economics. New Zealand, Canada and Sweden rank as…