Prov. metro has 6.1% home price growth in July

THE Providence-Warwick-Fall River metropolitan area ranked 14th highest among the top 40 U.S. metros for its 6.1 percent home price growth in July, Black Knight Financial Services said Monday. / COURTESY BLACK KNIGHT FINANCIAL SERVICES
THE Providence-Warwick-Fall River metropolitan area ranked 14th highest among the top 40 U.S. metros for its 6.1 percent home price growth in July, Black Knight Financial Services said Monday. / COURTESY BLACK KNIGHT FINANCIAL SERVICES

PROVIDENCE – With 6.1 percent home price growth over the year in July, the Providence-Warwick-Fall River metropolitan area ranked 14th highest among the top 40 U.S. metros, Black Knight Financial Services said Monday.

The Black Knight home price index puts Providence metro home prices at $269,000 in July, 6.1 percent higher than $253,000 a year earlier, and 0.7 percent above the June level of $267,000.

The local home price increase outperformed the overall U.S. year-over-year gain of 5.3 percent. The U.S. HPI reached $266,000 in July.

While Providence metro home prices have increased 26 percent from $213,000 when the market bottom hit in January 2012, they are still 13.3 percent below the $310,000 peak reached in June 2006.

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Portland, Ore., was the metro with the largest over the year price growth, with a 12.7 percent increase to $358,000. St. Louis was the only metro to experience a home price decline over the year, dropping 5.1 percent to $155,000.

Home prices in Boston hit a new peak, increasing 5.4 percent to $429,000 from July 2015. Boston was one of 14 U.S. metros to reach a new home price peak in July. Among the 20 states covered by Black Knight, Massachusetts was one of nine states to hit a new peak, with an HPI value of $373,000.

Other highlights form Black Knight’s July home price report:

  • Rhode Island’s 0.8 percent monthly HPI increase was good enough to place it in Black Knight’s top 10 biggest movers at the state level
  • At $266,000, the average U.S. home price has risen more than 33 percent from the market’s bottom and is now within just 0.8 percent of hitting a new national peak

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