Warwick, R.I. -- May 18, 2023 – Rhode Island Realtors transacted just 524 single-family home sales in April, 30% less than April of 2022. The decline in activity was accompanied by a significant drop in the rate of year-over-year appreciation in the median price. At $425,000, last month’s median price was just 1.2% more than that of April 2022, a sign that prices are stabilizing.
Following significant urging from the National Association of REALTORS®, the Federal Housing Finance Agency (FHFA) rescinded its proposed loan level pricing adjustment (LLPA) upfront fee on borrowers with debt-to-income ratios greater than 40 percent that was slated to go into effect August 1st.
Affordability limits continued to hamper Rhode Island home sales in the first quarter. Closed transactions of single-family homes fell 32% from 12 months prior while the Q1 median sales price rose 4% year-over-year to $390,000.
Did you have an ownership interest in a limited liability company (LLC)?
If you’re buying or selling real estate through a LLC, a corporation, other business entity or a trust, Rhode Island Commercial Licensing Regulation 230-RICR-30-20-2 requires you to disclose your ownership interest in writing to the buyer or seller on the other side of the transaction. Review these FAQs to ensure you're complying with regulations.
Sales statistics released by the Rhode Island Association of Realtors show no surprises in Rhode Island’s housing market as most trends from the last several months continued in March. Sales activity in the single-family home market remained well below that seen 12 months earlier and the median price of homes sold, while still above that of March 2022, showed continued deceleration in the rate of appreciation.
Changes have been made to the RIAR Residential Lease and Backup Addendum. These changes will be sent to forms vendors by the end of April. The exact time that you see the forms will depend on when your preferred forms vendor posts the changes.
February’s single-family home median sales price of $384,000 was 4.4% higher than that seen a year earlier according to statistics released by the Rhode Island Association of Realtors. The data, which represents all Realtor-assisted sales transacted through State-Wide Multiple Listing Service, a subsidiary of the Association, also showed a 29.4% drop in sales year-over-year, and a 21.2% decrease in contracts in progress but not closed as of the end of February.
Even in the world of texting and social media, email can still be a good way to promote your services to potential customers and other REALTORS®. But whether you’re emailing one person or thousands, make sure that your email complies with federal law.
You answer your phone, and a caller says, “Hi. I’m _______________. “Are you single? I’m going through the list of REALTORS® to find single women.” What would do if you received an unsettling call like this as one local REALTOR® did recently?
January home sales in Rhode Island continued the trends seen throughout 2022 of year-over-year gains in median price despite slowing sales. Data recently released by the Rhode Island Association of Realtors portrayed a 5.8% hike in the median price of single-family home sales and a 39.1% drop in sales activity compared to January 2022.