Black Knight: Prov. metro 33rd out of 40 largest metros for June HPI

PROVIDENCE – The Providence metropolitan area ranked 33rd – or eighth from the bottom – out of the 40 largest metros nationwide for its year-over-year home price increase of 3.4 percent in June, according to Black Knight Financial Services.
The average home price increased to $254,000 in June in the Providence metro, but it is still 18 percent lower than the peak price of $310,000 reached in June 2006.
However, it is 18 percent higher than $215,000, the low it hit in January 2012, the date of the national market bottom, Black Knight said.
The Providence metro’s home price index in June was just above the national HPI at $252,000.
According to Black Knight, U.S. home prices are now 5.8 percent off their June 2006 peak of $268,000, and are 26 percent above the market’s bottom. Prices increased 5.1 percent year over year.
Black Knight HPI covers approximately 89 percent of single-family residential properties in the country.
Among the 40 largest metros, San Jose, Calif., had the greatest home price increase at 14.2 percent to $862,000 in June. St. Louis, Mo. was the only metro area to register a drop in prices at 1.2 percent to $179,000 in June, Black Knight said.

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