CoreLogic: Home prices rise in Prov. metro in November

HOME PRICES, including distressed sales, in the Providence-Warwick metro area increased 5.3 percent over the year in November, according to CoreLogic. / COURTESY CORELOGIC
HOME PRICES, including distressed sales, in the Providence-Warwick metro area increased 5.3 percent over the year in November, according to CoreLogic. / COURTESY CORELOGIC

PROVIDENCE – CoreLogic said home prices in the Providence-Warwick metro area increased 5.3 percent over the year in November.
However, home prices decreased by 0.8 percent in November compared with October.
Nationally, home prices increased over the year, and over the month, by 6.3 percent and 0.5 percent, respectively.
All figures include distressed sales, which are real estate-owned and short sales.
Looking ahead, CoreLogic representatives are predicting that home prices will climb 5.4 percent from November 2015 to November 2016.
“Heading into 2016, home price growth remains in its sweet spot, as prices have increased between 5 and 6 percent on a year-over-year basis for 16 consecutive months,” Frank Nothaft, chief economist for CoreLogic, said in a statement. “Regionally we are beginning to see fissures, with slowdowns in some Texas and California markets, but the Northwest and Southeast remain on solid footing.”
Said Anand Nallathambi, president and CEO of CoreLogic, “Many factors, including strong demand and tight supply in many markets, are contributing to the long-sustained boom in prices and home equity which is a very good thing for those owning homes. On the flip side, prices have outstripped incomes for several years in a number of regions so, as we enter 2016, affordability is becoming more of a constraint on sales in some markets.”

No posts to display