The state’s median sale price for single-family homes stands at $205,000, according to the Rhode Island Association of Realtors – the highest figure since the end of the first quarter of 2008.

That year, of course, is forever etched into our public consciousness as a moment of crisis. The housing market cratered, and the financial industry, on which our entire economic system is based, teetered on the brink of disaster. The consequences were felt worldwide and continue to reverberate.

Rhode Island, like many other parts of the country, had experienced significant challenges even before the crash. The story is well known: as the Ocean State’s manufacturing base declined, so too did its overall economic standing. The events of recent years have exacerbated the underlying conditions, most evident through the state’s persistently high unemployment rate.

Within this context, the news of an increase in home prices is welcome. The $205,000 figure represents an increase of 9 percent since March of last year, and gains were also seen in condominium sales and multi-family home prices. Professionals describe the current market as strong.

“We’re seeing exactly what we expected to see,” said Robert Martin, president of Rhode Island Association of Realtors. “The harsh winter weather and fears of skyrocketing flood insurance rates put a slight damper on sales activity in the beginning of the year, but those problems are behind us for the most part. This is turning out to be the best spring selling season we’ve seen in a long time.”

As Martin references, part of the increased activity is owed to the turning of the seasons. It is also important to note that not all of the recent released data were positive. Sales slowed for both multi- and single-family homes, and pending sales numbers were also down.

Yet it is clear that Rhode Islanders are increasingly, if slowly, able and willing to make the investment in a home. In a state that has seen its population stagnant, and in an environment where the malaise of recent years has led many to turn their eyes out of state when seeking a place to live and work, even a modest indication that more people are making a long-term commitment to Rhode Island is cause for optimism.

Housing prices and sales, of course, are but one piece of the puzzle. The Ocean State continues to search for a true economic identity in the 21st century, one that is sustainable and provides real, broad opportunity for growth and prosperity.

As November’s election looms, we’ll hear plenty from our leaders and candidates about jobs and the economy, about tax policy and infrastructure, about the importance of education and the need to balance priorities while investing in the future.

It is important to remember, amid all that talk, that there is no silver bullet, no overnight solution to what ails Rhode Island’s economy.

But there are positive signs, like the recent housing data. They may be modest, but they serve as a reminder of a central, if not often mentioned, truth: that the commitment and investment of individuals, families and businesses must be the cornerstone of building our shared future.