CoreLogic: Home-price growth steady in metro area for June

SINGLE-FAMILY HOME PRICES rose 3.2 percent in the Providence-Warwick metro area in June over a year earlier, after a similar 3.2 percent increase in May, CoreLogic reported Tuesday. / COURTESY CORELOGIC
SINGLE-FAMILY HOME PRICES rose 3.2 percent in the Providence-Warwick metro area in June over a year earlier, after a similar 3.2 percent increase in May, CoreLogic reported Tuesday. / COURTESY CORELOGIC

PROVIDENCE – Single-family home prices in the Providence-Warwick metro area increased 3.2 percent year over year in June, the same level of growth reported a month earlier in May, according to the CoreLogic Home Price Index report released Tuesday.

CoreLogic also reported Tuesday that Rhode Island home prices in June increased 3.4 percent year over year, compared with a 4 percent increase in May. Massachusetts, conversely, reported acceleration in home price appreciation for June, reporting a 9.5 percent year-over-year increase compared with 6.1 percent the previous month.

Nationwide, home prices increased 7.5 percent in June compared with June 2013.

“Home prices are continuing to rise fueled by ongoing tight supply, low rates and aggressive investor buying on the East and West Coasts,” said Anand Nallathambi, president and CEO of CoreLogic. “The expected surge in the number of homes for sale has not materialized to date as many homeowners are staying put and waiting for better economic times and higher prices in the future.”

- Advertisement -

The five states with the highest home price appreciation in the 12 months through June were Michigan, with an 11.5 percent gain, California with 11.3 percent, Nevada with 11.1 percent, Hawaii with 10.8 percent and Oregon with 9.5 percent.

Nationally, CoreLogic reported home prices are now within 12.9 percent of their April 2006 peak prices, but Rhode Island’s peak-to-current price gap remains one of the largest, with home prices 27.2 percent below 2006 peak levels as of June.

No posts to display