PROVIDENCE – Home prices in the Providence-Warwick area rose 5.9 percent in April compared with the same period in 2013, CoreLogic said Tuesday.
On the state level, The Irvine, Calif.-based real estate tracking firm’s Home Price Index showed a 7.2 percent year-over-year price increase for Rhode Island.
Excluding distressed sales, Providence-area prices rose 4.3 percent and Rhode Island prices rose 4.8 percent.
Home price appreciation in the Providence area did not match values nationally, where the CoreLogic index rose 10.5 percent year over year in April.
Rhode Island also has prices that remain 28.8 percent below the peak level. Nevada (38.6 percent), Florida (34.5 percent) and Arizona (29.5 percent) have farther to go to match pre-recession peak price levels.
The only metro areas in the nation of the top 100 that did not show year-over-year gains in home prices in April were: Hartford-West Hartford-East Hartford, Conn.; Milwaukee-Waukesha-West Allis, Wis.; Little Rock-North Little Rock-Conway, Ark.; Worcester, Mass.; and New Haven-Milford, Conn.
Despite the price gains, CoreLogic said the pace of national appreciation in April was the slowest in 14 months.
“Home prices are continuing to rise as we head into the summer months,” said Anand Nallathambi, president and CEO of CoreLogic. “The purchase market continues to suffer from a dearth of inventory which we expect will continue to drive prices up over the year.”
The Home Price Index is based on repeat sales of single family attached and detached homes over time.
At the same time, CoreLogic forecast an increase in home prices of 1 percent from April to May this year, as well as a 6.3 percent increase from April to April 2015.