Providence metro area home prices continue to rise in July
PROVIDENCE METRO AREA home prices increased 0.3 percent in July over the previous month, but remain 22.8 percent below their peak levels in June 2006, according to the LPS Home Price Index released Monday.
PROVIDENCE – Home prices in the Providence metro area rose slightly in July over the previous month, according to the LPS Home Price Index released Monday.
Prices in the Providence area reached $239,000 on the index last month compared with $238,000 in June, an increase of 0.3 percent.
The July figure represents a 4.1 percent rise over the July 2012 home price index of $230,000, but remains 22.8 percent below peak home prices in June 2006, when the index hit $309,000.
Nationally, the property price index climbed to $231,000 in July, up 0.6 percent from $229,000 in June. On a year-over-year basis, the U.S. home price index has risen 8.7 percent, up from $212,000 in July 2012, but still 14.7 percent short of the June 2006 peak level of $270,000.
The Providence metro area placed No. 33 in the LPS ranking of metro areas nationwide with the largest increases in home prices between June and July.
The LPS Home Price Index, compiled each month by Jacksonville, Fla.-based Lender Processing Services Inc., combines property and loan data in a repeat sales analysis of home prices as of their transaction dates. The LPS data covers about 89 percent of single-family residential properties in the United States.