Home prices rise in July in metro; R.I. still among 5 largest peak-to-current home price declines

HOME PRICES, including distressed sales, increased 4.6 percent year over year in July in the Providence-Warwick metropolitan area, according to CoreLogic. / COURTESY CORELOGIC
HOME PRICES, including distressed sales, increased 4.6 percent year over year in July in the Providence-Warwick metropolitan area, according to CoreLogic. / COURTESY CORELOGIC

PROVIDENCE – Home prices, including distressed sales, increased 4.6 percent year over year in July in the Providence-Warwick metropolitan area, according to CoreLogic.
Excluding distressed sales, which are short sales and real estate-owned sales, year-over-year prices climbed 3.6 percent in July.
Nationwide, home prices, including distressed sales, rose 6.9 percent year over year in July. The rate was similar nationwide when distressed sales are excluded – 6.7 percent.
“Home sales continued their brisk rebound in July and home prices reflected that, up 6.9 percent from a year ago. Over the same period, the National Association of Realtors reported existing sales up 10 percent and the Census Bureau reported new home sales up 26 percent in July,” Frank Nothaft, chief economist for CoreLogic, said in a statement.
Anand Nallathambi, president and CEO of CoreLogic, said that low mortgage rates and “stronger consumer confidence” are supporting the resurgence in home sales.
“Adding to overall housing demand is the benefit of a better labor market, which has provided millennials the financial independence to form new households and escape ever rising rental costs,” Nallathambi said.
Including distressed sales, Colorado, Washington and Nevada had the highest home price appreciation at 10.4 percent, 9.9 percent and 9.1 percent, respectively. Excluding distressed sales, Colorado, Washington and Nevada again held the top three spots, at 10.1 percent, 9.5 percent and 9.1 percent.
Including distressed transactions, the five states with the largest peak-to-current price declines were: Nevada, -30.6 percent; Florida, -28.1 percent; Arizona, -25.1 percent; Rhode Island, -24.2 percent; and Maryland, -20.2 percent.
The peak-to-current change in the national home price index from April 2006 to July was –6.6 percent. That includes distressed transactions. Excluding distressed transactions, the peak-to-current change for the same period was -3.5 percent.

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