Black Knight: Prov. metro home prices rise 5.7% in August

THE PROVIDENCE-WARWICK-Fall River metropolitan area experienced a 5.7 percent increase in home prices over the year in August, to $268,000, according to Black Knight Financial Services. / COURTESY BLACK KNIGHT FINANCIAL SERVICES
THE PROVIDENCE-WARWICK-Fall River metropolitan area experienced a 5.7 percent increase in home prices over the year in August, to $268,000, according to Black Knight Financial Services. / COURTESY BLACK KNIGHT FINANCIAL SERVICES

PROVIDENCE – The Providence-Warwick-Fall River metropolitan area ranked 15th among the 40 largest metropolitan areas for its home price increase in August of 5.7 percent, to $268,000 compared with $253,000 in August 2015, according to Black Knight Financial Services.
Black Knight, which released its home price report this week, said home prices in the Providence metro remain 13.7 percent below their peak in June 2006 of $310,000, but are 25.6 percent above their low in January 2012 of $213,000.
Among the large metros, Portland, Ore., had the greatest home price increase over the year in August at 12.2 percent, to $359,000, while St. Louis was the only metro to record a decline during the same period at 4.5 percent, to $155,000.
The Boston metro area tied with the Providence metro for a 5.7 percent increase in home prices. There, home prices rose to $431,000 in August, reaching a new peak price.
Massachusetts also was among the 20 largest states to hit new peaks in August with an average home price of $374,000, a 5 percent increase from a year ago.
Nationally, home prices increased 5.3 percent over the year, to $266,000; they are still 0.7 percent below their peak in June 2006, but up over 33 percent from the market’s bottom, Black Knight said.

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