PROVIDENCE – Single-family home prices in the Providence-Fall River-New Bedford metro area rose 1 percent from March 2012 to March 2013, according to CoreLogic’s Home Price Index.
Excluding distressed sales, the Corelogic index showed a 4.2 percent year-over-year increase in the metro area in March.
Rhode Island’s single-family home prices, including foreclosures and short sales, increased 1.6 percent year over year in March. Excluding distressed sales, the Ocean State’s home prices rose by 3.2 percent from March 2012 to March 2013.
Statewide, Massachusetts saw prices, including distressed sales, jump 10.4 percent from March 2012 for single-family homes. Excluding distressed sales, single-family home prices in the Bay State rose 10.3 percent year-over-year.
Nationally, home prices, including distressed sales, rose 10.5 percent year over year in March. Excluding distressed sales, national home prices rose 10.7 percent year over year in March.
Including distressed sales, only four states reported over-the-year price declines in March: West Virginia (-0.3 percent), Illinois (-1.8 percent), Alabama (-3.1 percent) and Delaware (-3.7 percent). Excluding distressed sales, every state posted positive year-over-year price changes in March.
CoreLogic listed Rhode Island as one of the five states with the largest “peak-to-current declines,” including distressed sales. Rhode Island’s home prices are 36.2 percent lower than they were at the state’s peak price. The other four states were: Nevada (-49.2 percent), Florida (-42.8 percent), Michigan (-38.9 percent) and Arizona (-37.8 percent).
“Home prices continue to rise at a double-digit rate in March, led by strong gains in the western region of the U.S. Looking ahead, the CoreLogic pending index for April indicates that upward price appreciation will continue,” Anand Nallathambi, president and CEO of CoreLogic, said in prepared remarks. “Much of the price increases we are seeing are the result of rising demand among investors and homebuyers for a still-limited supply of homes for sale.”
Join PBN for the best networking event and party of the winter - January 15, 2015 - the Book of Lists Party at the Providence Public Library. Reserve your spot by December 31st and get a holiday gift from PBN!
PBN's annual Book of Lists has been an essential resource for the local business community for almost 30 years. The Book of Lists features a wealth of company rankings from a variety of fields and industries, including banking, health care, real estate, law, hospitality, education, not-for-profits, technology and many more.