Home prices rise in Nov. in Providence metro, R.I.

HOME PRICES nationwide increased 7.1 percent over the year in November, CoreLogic said. / COURTESY CORELOGIC
HOME PRICES nationwide increased 7.1 percent over the year in November, CoreLogic said. / COURTESY CORELOGIC

PROVIDENCE – Home prices in the Providence-Warwick-Fall River metropolitan area and in Rhode Island rose 6.5 percent and 6.7 percent, respectively, in November compared with November 2015, CoreLogic said Tuesday.

Data includes distressed sales, which are real estate-owned or short sales.

Home price increases in the Providence metro and Rhode Island lagged the year-over-year nationwide home price increase in November of 7.1 percent.

“Last summer’s very low mortgage rates sparked demand, and with for-sale inventories low, the result has been a pickup in home-price growth,” Frank Nothaft, chief economist for CoreLogic, said in a statement. “With mortgage rates higher today and expected to rise even further in 2017, our national Home Price Index is expected to slow to 4.7 percent year over year by November 2017.”

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