Metro area home price growth slows entering off-season

Home prices in the Providence-New Bedford-Fall River metro area rose 4.3 percent in August compared with the same period last year, according to the CoreLogic Home Price Index report released Tuesday. More

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Metro area home price growth slows entering off-season

COURTESY CORELOGIC
AS HOUSING ENTERED the off-season in August, CoreLogic reports home prices in the Providence-New Bedford-Fall River metro area rose 4.3 percent, down from the July rate of 4.8 percent.
Posted 10/1/13

PROVIDENCE – Home prices in the Providence-New Bedford-Fall River metro area rose 4.3 percent in August compared with the same period last year, according to the CoreLogic Home Price Index report released Tuesday.

On a month-over-month basis, metro area home prices decreased 0.7 percent in August compared with the previous month. In July, the metro area reported a 4.8 percent increase in home prices.

In addition to reporting the metro area data, CoreLogic noted that the Home Price Index for Rhode Island increased 4.8 percent over the year ended in August.

Massachusetts saw a 12.4 percent gain over the same period, mirroring national home price trends, which also showed an increase of 12.4 percent in August compared with 2012.

August marked the 18th consecutive monthly year-over-year increase in nationwide home prices, and the seventh consecutive month of double-digit year-over-year growth.

“Home price gains were negligible month over month in August—an expected decrease in the pace of appreciation as housing enters the off-season,” said Mark Fleming, chief economist for Irvine, Calif.-based CoreLogic, in the report. “While prices increased more than 12 percent on a year-over-year basis, the month-to-month change is more telling of this year's late summer trend.”

Rhode Island’s peak-to-current price gap remains one of the largest, with home prices 29.1 percent below 2006 peak levels.

Nationally, the peak-to-current price gap averages 17.1 percent below 2006 levels.

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