CoreLogic: Home prices rise in Prov. metro in February

CORELOGIC SAID home prices in the Providence-Warwick metropolitan area, and in Rhode Island, increased over the year in February. / COURTESY CORELOGIC
CORELOGIC SAID home prices in the Providence-Warwick metropolitan area, and in Rhode Island, increased over the year in February. / COURTESY CORELOGIC

PROVIDENCE – Home prices in the Providence-Warwick metropolitan area climbed 6 percent year over year in February, CoreLogic said Tuesday.
The increase in home prices in the metropolitan area was in line with the nationwide increase in home prices in February of 6.8 percent compared with February 2015, according to CoreLogic. Rhode Island’s home price gain was 6.9 percent during the same time period.
Data includes distressed sales, which are real estate-owned and short sales.
“Fixed-rate mortgage rates dropped more than one-quarter of a percentage point in the first three months of 2016, and job creation averaged 209,000 over the same period,” Frank Nothaft, chief economist for CoreLogic, said in a statement. “These economic forces will sustain home purchases during the spring and support the 5.2 percent home price appreciation CoreLogic has projected for the next year.”
Anand Nallathambi, president and CEO of CoreLogic, said home prices continue to rise in every state, with each posting year-over-year gains during the last 12 months.
“Improved economic conditions and tight inventories continue to drive exceptionally strong gains in many markets, especially for homes priced below $500,000,” Nallathambi said.
From January to February, home prices in the Providence metro slipped 0.3 percent. However, nationwide, home prices increased 1.1 percent over the month.

Looking ahead, CoreLogic is predicting that home prices nationally will increase by 5.2 percent on a year-over-year basis from February 2016 to February 2017.

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