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By PBN Staff
By PBN Staff
PROVIDENCE – Single-family home prices in the Providence-Warwick metro area rose 7.1 percent in October compared with the same period last year, according to the CoreLogic Home Price Index report released Tuesday.
On a month-over-month basis, metro area home prices rose 0.3 percent in October compared with the previous month.
The October CoreLogic report reflected changes to the U.S. Office of Management and Budget’s delineated metro areas, shifting the CoreLogic HPI survey area for Rhode Island to Providence-Warwick instead of the previously reported Providence-New Bedford-Fall River area.
In addition to reporting the metro area data, CoreLogic noted that the Home Price Index for Rhode Island increased 7 percent over the year ended in October, down from an 8 percent gain in September.
Massachusetts saw a 9.8 percent year-over-year gain in October, dropping from an 11.7 percent increase the previous month, while national home prices showed an increase of 12.5 percent in October compared with 2012.
October marked the 20th consecutive monthly year-over-year increase in nationwide home prices.
“In terms of home price appreciation, the housing market appears to be catching its breath as we head into the final months of 2013,” said Anand Nallathambi, president and CEO of CoreLogic, in the report. “The deceleration in month-on-month trends was anticipated as strong gains in home prices over the spring and summer slow in line with normal seasonal patterns and the impact of higher mortgage interest rates.”
Mark Fleming, chief economist for CoreLogic, remarked that almost half of U.S. states are now within 10 percent of their respective historical price peaks, but Rhode Island’s peak-to-current price gap remains one of the largest, with home prices 29.3 percent below 2006 peak levels.
In the Providence-Warwick metro area, home prices remain 28.8 percent below the peak.
Nationally, the peak-to-current price gap averages 17.3 percent below 2006 levels.