July 2026
Rhode Island Housing Report

What’s Happening in the Market?

• The national July housing market remained sluggish but stable as elevated mortgage rates, inflation, and global economic uncertainty continued to weigh on consumer confidence. New England and South Florida, however, largely experienced a rise in sales, except for Massachusetts and Rhode Island, which were both down minimally.
• Nationally, existing-home sales fell 1.7% from June, according to the National Association of Realtors, although sales remained slightly higher than a year ago. NAR Chief Economist Lawrence Yun noted,

“The back-and-forth in monthly home sales activity, driven by mild fluctuations in mortgage rates, shows how sensitive home buyers are to affordability conditions. However, job gains – more than half a million since the beginning of the year – will continue to provide support for the housing market”

• In New England, limited inventory continued to support prices, while buyers remained cautious as rates stayed elevated. 
• South Florida sales increased as buyers consumed more of the available inventory, particularly in the condo market, creating more balanced conditions.
• According to Mortgage News Daily, 30-year mortgage rates reached approximately 6.78% in late July, their highest level of the year. There is little hope of a significant decrease which may keep the fall market slower than usual. 
• Ongoing global tensions, particularly the Iran conflict, have pushed energy prices and inflation higher, making consumers more cautious and keeping mortgage rates from falling. Until rates meaningfully decline, the housing market is likely to remain measured and affordability will continue to be a key challenge. Pricing will remain a key factor for sellers.
• To increase buyer interest, sellers are well advised to prepare the home to make the best possible first impression to buyers. Here are some simple enhancements that can be done in a day.
• There are so many myths about real estate circulating, from rumors about commissions to renovations. Buying or selling a home can be confusing enough without these myths adding to the noise.