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Warwick, R.I. – July 20, 2023 – Today the Rhode Island Association of Realtors released June sales data which portrayed a local housing market that has seen little change. The median sales price of single-family homes continues to rise, hitting $442,700, a three percent year-over-year gain and a historic monthly high. Rhode Island’s annual price appreciation runs counter to the national trend which has seen year-over-year declines in recent months.

Would you like to have input into issues that affect you and your profession? Become a leader at the national level. Apply to serve on the 2023-2024 National Association of REALTORS® Board of Directors by August 3rd.

Starting on January 1, 2024,  a new state law will prohibit landlords, rental agents, and property managers from charging application fees to rental applications - with two exceptions.   Landlords and their representatives will be able to charge applicants for the actual cost of conducting (1) a credit check or (2) a criminal background check unless the rental applicant has provided a credit report and BCI/police background check dated no more than 90 days before the day of the application.

The Rhode Island Attorney General has made enforcement of lead laws a top priority and filed legislation to strengthen and expand them.  The Rhode Island General Assembly approved a number of new laws.  See a list of those laws and when they go into effect. 

Warwick, R.I. – June 22, 2023 – The median price of single-family homes sold in the Ocean State last month rose to its highest point yet, though year-over-year appreciation diminished. The median price of $427,250 represented just a two percent increase from May 2022. Home sales transacted through State-Wide Multiple Listing Service, a subsidiary of the Rhode Island Association of Realtors, also reflected a market with 17.8% fewer sales than a year ago.

When dealing with a home that has solar panels, there are several key points that listing and cooperating licensees should be aware of.

Have you run out of creative ways to describe a listing or write real estate tips on social media? Artificial intelligence can help. Learn more about how to save yourself time and headaches...

State-Wide Multiple Listing Service Rules and Regulations require listing brokers to offer compensation. However, antitrust laws prohibit MLS from requiring listing brokers to offer a specific amount or split of compensation.

If you and your broker would like to be paid a different amount than what has been offered, check out these legal options...

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.