CoreLogic: Home prices increase 1% in Prov.-Warwick metro in Jan.

CORELOGIC SAID HOME PRICES increased 1 percent in Rhode Island in January compared with a year ago. That includes short sales and real estate-owned transactions. / COURTESY CORELOGIC
CORELOGIC SAID HOME PRICES increased 1 percent in Rhode Island in January compared with a year ago. That includes short sales and real estate-owned transactions. / COURTESY CORELOGIC

PROVIDENCE – Home prices in the Providence-Warwick metropolitan area increased 1 percent in January compared with the same period a year ago, according to data released Tuesday by CoreLogic.
Excluding distressed sales, which are short-sales and real estate-owned transactions, prices increased 1.7 percent in January over January 2014.
“House price appreciation has generally been stronger in the western half of the nation and weakest in the mid-Atlantic and Northeast states,” Frank Nothaft, chief economist at CoreLogic, said in a statement. “In part, these trends reflect the strength of regional economies.”
Anand Nallathambi, president and CEO of CoreLogic, said home prices are continuing to improve and should continue to rise throughout the year and into 2016.
Home prices, including distressed sales, are expected to rise 0.4 percent month over month from January to February and 5.3 percent from January 2015 to January 2016. Without distressed sales, those numbers change to 0.3 percent, and 4.9 percent, respectively.
“Many homeowners have taken advantage of low rates to refinance their homes, and until we see sustained increases in income levels and employment, they could be hunkered down so supplies may remain tight. Demand has picked up as low mortgage rates and the cut in the FHA annual insurance premium reduce monthly payments for prospective homebuyers,” Nallathambi said.
Nationwide, home prices, including distressed sales, increased 5.7 percent in January compared with January 2014. That represents 35 months of consecutive year-over-year increases in home prices nationally.
Excluding distressed sales, home prices increased 5.6 percent year over year. Excluding distressed sales, all states and the District of Columbia showed year-over-year home price appreciation in January.
Rhode Island landed in the category of the five states with the largest peak-to-current price declines at 29.9 percent. That number includes distressed transactions. Other states in the category are Nevada (-35.3 percent), Florida (-32.6 percent), Arizona (-28.6 percent) and Connecticut (-24.8 percent).

The five states with the highest home appreciation, including distressed sales, were Colorado (+9.1 percent), Michigan (+9 percent), Texas (+8.3 percent), Wyoming (+8.3 percent) and Nevada (+7.6 percent). Rhode Island ranked 45th on the list for home price appreciation of 1.3 percent for single-family home sales, including distressed sales. Only Connecticut and Maryland showed negative home price appreciation at -1.9 percent and -0.3 percent, respectively.

Excluding distressed sales, the five states with the highest home appreciation were Colorado (+8.1 percent), Nevada (+7.9 percent), Texas (+7.8 percent), Massachusetts (+7.7 percent) and Oregon (+7.4 percent).

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