Economic Matters Committee approves requirement to publish new-home final sale prices; delays state database implementation to 2027

The Economic Matters Committee voted to approve Senate Bill 811 as amended, a measure that requires developers, builders, brokers or real estate agents to enter the final sale price for new homes into an accessible public database.

The committee adopted an amendment broadening the bill’s reporting destination from an exclusive multiple listing service (MLS) requirement to any ‘‘accessible database,’’ and the amendment delayed the state database (SDAT) participation timeline to July 1, 2027. Committee members said the change was intended to preserve options (MLS or private aggregators) while giving SDAT time to develop a state-hosted option that could be provided at low or no cost.

Why it matters: Sponsors and supporters said the bill aims to make final sale prices for new homes publicly and reliably available more quickly than current channels allow — information builders, appraisers and consumer advocates told the committee they use to assess market activity and affordability. Opponents questioned whether the new requirement duplicates existing public records (SDAT), who would bear any new costs, and whether the change would advantage private providers who charge for access.

What supporters told the committee: The sponsor and committee counsel described the bill’s focus as a narrow requirement to publish a final sales price for new-home transactions and said the amended language explicitly allows SDAT to be the state option. Committee members also noted the Appraisal Institute submitted a letter of support during the bill process, indicating industry support for more timely sales data.

What opponents and questioners said: Several delegates asked why the state already cannot provide the same information through SDAT and raised concerns that requiring MLS or other private databases could obligate sellers or appraisers to pay for access. Members asked whether SDAT’s update lag (cited during the hearing as taking roughly 30 days in many cases) justified new legislation and whether a state-centered solution would be preferable.

Procedural notes and vote: The committee moved and adopted the amendments, then took a roll-call vote on the bill as amended. The chair announced the bill passed with a reported tally of 12 members voting in favor.

Next steps: With committee passage, the bill will move to the next floor or chamber step identified by legislative process.