Home prices rise in July in Prov. metro, R.I.

CORELOGIC SAID 21 states, as well as Washington, D.C., reached new home price highs in July, including Massachusetts. / COURTESY CORELOGIC
CORELOGIC SAID 21 states, as well as Washington, D.C., reached new home price highs in July, including Massachusetts. / COURTESY CORELOGIC

PROVIDENCE – Home prices in the Providence-Warwick metropolitan area, including distressed sales, increased 5.3 percent in July compared with July 2015, CoreLogic said Tuesday.
Distressed sales are real estate-owned and short sales.
Home prices also improved 5 percent over the year in July in Rhode Island, CoreLogic said.
Month over month, prices rose 0.3 percent from June to July in the Providence metro, and 0.4 percent in Rhode Island.

The Providence metro and Rhode Island are following national home price trends, even though the increases in home prices are not as high.
CoreLogic said 21 states, as well as Washington, D.C., reached new home price highs in July, including Massachusetts.
Nationwide, home prices increased 6 percent year over year in July and 1.1 percent month over month.
CoreLogic said that home prices will increase 5.4 percent on a year-over-year basis from July 2016 to July 2017, and 0.4 percent on a month-over-month basis from July to August.
Looking ahead, Rhode Island home prices are expected to climb 3.7 percent from July 2016 to July 2017, CoreLogic said.
“If mortgage rates continue to remain relatively low and job growth continues, as most forecasters expect, then home purchases are likely to rise in the coming year,” Frank Nothaft, chief economist for CoreLogic, said in a statement.
Oregon led the states in year-over-year home price growth in July at 11.2 percent, while only Connecticut had negative home price appreciation over that time period at 1.2 percent.
In addition, five states, including Rhode Island, remained furthest from their peak values in July: Nevada at -31.4 percent; Florida at -23.3 percent; Arizona at -22.9 percent; Maryland at -19.7 percent; and Rhode Island, -19.4 percent.

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