CoreLogic: R.I. 41st among states for 2% price increase in June

RHODE ISLAND ranked 41st among the states and the District of Columbia for its 2 percent year over year increase in single-family home prices in June, according to CoreLogic.
RHODE ISLAND ranked 41st among the states and the District of Columbia for its 2 percent year over year increase in single-family home prices in June, according to CoreLogic.

PROVIDENCE – Rhode Island ranked 41st among the states and the District of Columbia for its 2 percent year over year increase in single-family home prices in June, according to CoreLogic.
That includes distressed sales, which are short sales and real estate-owned transactions. Excluding distressed sales, the increase was the same, at 2 percent, CoreLogic said.
In the Providence-Warwick metropolitan area, home prices, including distressed sales, increased by 1.8 percent in June compared with June 2014.
Excluding distressed sales, year-over-year prices increased by 1.9 percent in June 2015 compared with June 2014 in the Providence metro.
Home price increases in Rhode Island and the Providence-Warwick metro area were far below the national increase in home prices, which climbed 6.5 percent in June. That number also includes distressed sales. CoreLogic said that the latest nationwide increase in home prices represents 40 months of consecutive year-over-year increases.
CoreLogic said home prices, including distressed sales, are expected to increase 4.5 percent year over year from June to June 2016.
Rhode Island also ranked among the top five states with the largest peak-to-current declines, from April 2006 to June, in home prices, including distressed transactions. In order, they were: Nevada (-32.2 percent), Florida (-28.7 percent), Rhode Island (-26.5 percent), Arizona (-25.8 percent) and Maryland (-21.2 percent).
Including distressed transactions, the peak-to-current change in the national HPI (from April 2006 to June 2015) was -7.4 percent, CoreLogic said.

Frank Nothaft, chief economist for CoreLogic, said that the tightness of the for-sale inventory varies across cities, from 1.6 months’ supply in San Jose, Calif. and Denver to 6.6 months’ supply in Providence.
“The stronger appreciation was registered in cities with limited inventory and strong homebuyer activity, such as San Jose and Denver,” he said.
Said Anand Nallathambi, president and CEO of CoreLogic, “The current cycle of home price appreciation is closing in on its fourth year with no apparent end in sight. Pent-up buying demand and affordability, together with higher consumer confidence buoyed by a more robust labor market, are a potent mix fueling a 6.5 percent jump in home prices through June with more increases likely to come.”

Including distressed sales, the five states with the highest home price appreciation were: Colorado (+9.8 percent), Washington (+8.9 percent), New York (+8.3 percent), South Carolina (+8 percent) and Nevada (+8 percent).
Including distressed sales, only four states experienced home price depreciation: Massachusetts (-5 percent), Connecticut (-0.6 percent), Louisiana (-0.4 percent) and Mississippi (-0.3 percent).

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