By PBN Staff
By PBN Staff
PROVIDENCE – Home prices in the Providence-New Bedford-Fall River metro area rose 4 percent in the second quarter compared with the same period last year, according to the CoreLogic Case-Shiller Home Price Index released Wednesday.
Nationally, home prices are up more than 10 percent in the second quarter. Prices nationwide are now 16 percent above fourth-quarter 2011 levels, when home prices bottomed out, but still remain 24 percent below their peak levels in the first quarter of 2006.
The CoreLogic analysis anticipates slowing price appreciation across most U.S. markets through the second half of 2013 and into the beginning of 2014, and projects an average home price index of 5.4 percent for second quarter of 2014.
In the Providence-New Bedford-Fall River metro area, however, analysts expect home price appreciation to accelerate over the year to 4.3 percent in the second quarter of 2014.
“Prices are now rising in nearly 90 percent of metro areas, and in all metro areas with populations greater than 1 million,” said David Stiff, principal economist for Irvine, Calif.-based CoreLogic Case-Shiller, in a release accompanying the report. “The strongest growth continues to be recorded in cities that were at the center of the housing bubble, but investor demand in those markets appears to be waning, meaning rapid rates of price appreciation are likely unsustainable.”
Of the metro areas that felt the greatest impact from the housing bubble, Sacramento (26 percent), Las Vegas (25 percent) and Phoenix (20 percent) saw the largest home price increases during the second quarter of 2013 compared with the same period in 2012.
Since the second quarter of 2010, national home prices have risen 5.8 percent on average, while prices in the Providence-New Bedford-Fall River metro area have fallen 3.1 percent over the same three-year period, CoreLogic reported.