Black Knight: R.I., Prov. metro in bottom 10 for HPI

BLACK KNIGHT FINANCIAL SERVICES released its home price index report for November transactions, showing that Rhode Island, and the Providence metropolitan area, ranked in the bottom 10 for home price increases compared with October's figures. / COURTESY BLACK KNIGHT FINANCIAL SERVICES
BLACK KNIGHT FINANCIAL SERVICES released its home price index report for November transactions, showing that Rhode Island, and the Providence metropolitan area, ranked in the bottom 10 for home price increases compared with October's figures. / COURTESY BLACK KNIGHT FINANCIAL SERVICES

PROVIDENCE – Rhode Island and the Providence metropolitan area ranked in the bottom 10 for home price increases in November, according to Black Knight Financial Services, which released its latest home price index report based on real estate transactions for that month.

The Providence metropolitan area reported a 0.5 percent dip in HPI, falling to $243,000 from $244,000, and ranking No. 38 on a listing of the 40 largest metropolitan areas when comparing November with October.
The bottom 10 of all metropolitan areas in November (when compared with October’s numbers) were: Providence and Syracuse, N.Y., -0.5 percent; New Haven, Conn., Albany, N.Y., and Springfield, Mass., -0.6 percent; Torrington, Conn., Baltimore, Md., Santa Rosa, Calif., and Rochester, N.Y., -0.8 percent; and Detroit, at -1.3 percent.

When comparing year over year, the Providence metropolitan area’s HPI at $243,000 represented an increase of 3 percent, as the average home price was $236,000 in November 2013. November’s price is 21.1 percent less than the peak price of $308,000 in June 2006.
On a year-over-year basis, the Providence area ranked 31st on the list for the 3 percent increase.

While the national HPI increased 0.1 percent to $241,000 in November compared with October, Rhode Island experienced a 0.6 percent drop for that same time period, tying with Michigan, and coming in only ahead of Vermont, which had a 0.7 percent drop.
The rest of the bottom 10 states were as follows in November: South Carolina, -0.2 percent; Minnesota, -0.3 percent; Connecticut, -0.4 percent; Maryland, Massachusetts, New York and New Hampshire, -0.5 percent; Rhode Island and Michigan, -0.6 percent; and Vermont, -0.7 percent.

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