R.I. Realtors: Flood Insurance coverage Concerns Contributed to Home Revenue Drop in Feb.

The Rhode Island Association of Realtors says undesirable winter climate and worries about increasing flood insurance coverage premiums most likely played roles as home product sales and prices in the state declined in February.

The group mentioned on Mar 27 that single-loved ones home revenue had been down 5 % compared with February of final year. The median price tag dipped 2 percent to $ 185,000 compared with February of final 12 months and was down practically $ 10,000 from January.

Association President Robert Martin stated it appears the downturn will be brief-lived.

The group says there was significantly concern about huge spikes in flood insurance coverage premiums in February, before Congress and President Barack Obama capped premium increases in response to angry house owners dealing with skyrocketing premiums.

Multifamily residence product sales and rates improved 5 and 45 % in February, respectively.

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