Warwick, R.I. – August 19, 2021 -- While the median price of single-family home sales continued to climb in Rhode Island, July sales data released today by the Rhode Island Association of Realtors showed a slowdown in sales activity from the prior year. The median price of $384,000, was 16 percent higher than that of July 2020 and the number of homes available for sale was 20 percent lower.
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The Rhode Island Association of REALTORS® Forms Committee has revised the Purchase Price and Deposits Section of all RIAR Purchase and Sales Agreements to clarify the use of “time is of the essence” in this section. If the “time is of the essence” box is checked “yes” in this section, the requirement applies only to the deadlines for the initial and additional deposits. It does not apply to the payment of the final balance or the closing date.
August 3, 2021 — RI Realtors recently released second-quarter home sales statistics which show a marked increase in buyers from other states who purchased in the Ocean State. Out-of-state buyers of single-family homes, multifamily homes and condominiums during April through June increased 69 percent from the same period last year.