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Task force chair backs bill to require new-home sales data in public listing systems to aid appraisal equity
Summary
SB441 would require sellers or their agents to report final sale prices of new construction to a multiple-listing service or comparable public database within 30 days. The change flows from a state task force on appraisal equity that found missing new-construction comps can depress valuations in certain communities.
Senate Bill 441, discussed Feb. 6, would require builders, developers or agents to enter the final sale price for newly constructed residential properties into a multiple-listing service (MLS) or a similarly accessible database within 30 days of closing.
Jacqueline Priestley, chair of the state task force on property appraisal and valuation equity, told the committee the change is one of several recommendations intended to reduce persistent misvaluation of homes in minority communities. The task force found that many new-construction sales are not available in commonly used comparables data sets; as a result appraisers…
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