CoreLogic: Home prices rise 4.6% in metro area for January
SINGLE-FAMILY HOME PRICES rose 4.6 percent in the Providence-Warwick metro area in January over a year earlier, after a 4.9 percent increase in December. Prices nationwide are now within 17.3 percent of 2006 peak prices, but Rhode Island's peak-to-current price gap remains one of the largest, with home prices 30.5 percent below 2006 peak levels, as shown above.
PROVIDENCE – Single-family home prices in the Providence-Warwick metro area rose 4.6 percent in January compared with the same period last year, according to the CoreLogic Home Price Index report released Tuesday.
Despite improvement in metro-area home prices, the 4.6 percent increase represented a slight decline from the 4.9 percent year-over-year increase reported a month earlier in December.
In addition to reporting the metro area data, CoreLogic noted that the Home Price Index for Rhode Island increased 4.7 percent year over year in January, down from a 4.9 percent gain in December.
Massachusetts saw a 9.8 percent year-over-year gain in January, up from the 9.5 percent increase reported the previous month. Nationwide, home prices increased 12 percent in January compared with January 2013.
The five states with the highest home price appreciation in the 12 months through January were Nevada (22.2 percent), California (20.3 percent), Oregon (14.3 percent), Michigan (13.7 percent) and Georgia (13.4 percent).
“The last time January month-over-month and year-over-year price appreciation was this strong was at the height of the housing bubble in 2006,” said Mark Fleming, chief economist for CoreLogic.
Anand Nallathambi, president and CEO of CoreLogic, added, “Home prices continued to march higher in January, and we expect to see more increases as the market comes out of hibernation for the spring buying season.”
Nationally, home prices are now within 17.3 percent of the historical price peak in April 2006, CoreLogic reported, but Rhode Island’s peak-to-current price gap remains one of the largest, with home prices 30.5 percent below 2006 peak levels.