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Warwick, R.I, -- January 18, 2023 – Single-family home sales data released today by the Rhode Island Association of Realtors relayed a 41.4% year-over-year drop in December in closed transactions compared to one year earlier.  And, while the median price of those sales still showed a 4% annual gain, the rate of appreciation has decreased considerably throughout the second half of 2021.

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The Rhode Island Association of REALTORS Forms Committee was busy in 2022 creating seven new forms and updating several others. Make sure you're on top of the latest changes.

According to November home sales data recently released by the Rhode Island Association of Realtors, just 660 single-family homes sold in Rhode Island last month, compared to 1012 a year earlier, a 34.8% drop. Pending contracts - deals in progress but not closed as of the end of November - dropped 40% from 12 months earlier. The decline points to a rapidly slowing market heading into 2023.

Warwick, R.I. – December 15, 2022 -- John Breault, Vice President of State-Wide Multiple Listing Service has been elected to the Board of Directors of Real Estate Standards Organization, taking one of the five open director seats for the board’s Executive Committee in 2023.

The Federal Housing Finance Agency (FHFA) recently announced targeted changes to Fannie Mae and Freddie Mac’s guarantee fee pricing framework by eliminating upfront fees for certain borrowers and affordable mortgage products, while implementing targeted increases to the upfront fees for most cash-out refinance loans.

Rhode Island’s home sale trends stayed steady in October, according to a report released today by the Rhode Island Association of Realtors. At $405,000 the median sales price of single-family homes rose 7.3% last month from October 2021. The ratio of list price to sales price remained stable at 100%.