Overall, the regional economy of New England shows encouraging signs
of growth during the first quarter of 2004. New England's repeat-sales
home price index specifically suggests that prices of individual homes
increased in 2004. Total merchandise exports showed strong growth in New
England during the first quarter of 2004, with strong growth in exports to
Germany, Singapore, the Netherlands, and Malaysia. Further, unemployment
rates show signs of dropping both nationally and in New England in the
Existing home sales showed strong national growth from 2003 to 2004.
In the United States overall, existing home sales roles approximately seven
percent from the first quarter of 2003 to the first quarter of 2004. Data
for New England was not available for this time, by Maine and Connecticut
showed an increase of close to 14 percent, New Hampshire rose over 13
percent, and Massachusetts rose close to 12 percent. Rhode Island sales
were below the national average, at slightly less than five percent. These
sales include cooperative unites, condominiums, and single-family homes.
Prices of existing homes also increased from the first quarter of
2003 to the first quarter 2004. Nationwide, median sales prices rose from
close to $160,000 in 2003 to close to 180,000 in 2004. Prices in Hartford,
New Haven, Portland, Boston, Worcester, and Providence also rose at a
The repeat-sales home price index shows a solid rise in the price of
individual houses from the first quarter of 2003 to the first quarter of
2004. The repeat-sales home price index "infers price changes only by
looking at changes in price between sales of individual homes" (Shiller,
2002). Nationally, prices rose about nine percent, while prices in New
England showed an increase of close to eleven percent. Prices in Rhode
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