R.I. lands in bottom 10 for home price decline

BLACK KNIGHT Financial Services, in its July home price index report, showed Rhode Island in the bottom 10 for registering a 0.2 percent decline from June to July in HPI. / COURTESY BLACK KNIGHT FINANCIAL SERVICES
BLACK KNIGHT Financial Services, in its July home price index report, showed Rhode Island in the bottom 10 for registering a 0.2 percent decline from June to July in HPI. / COURTESY BLACK KNIGHT FINANCIAL SERVICES

PROVIDENCE – Rhode Island landed in the bottom 10 nationally for change in home sale prices in July, according to home price index information released Monday by Black Knight Financial Services.
Rhode Island tied with Connecticut and the District of Columbia, with a 0.2 percent decline in HPI. Massachusetts fared the worst, with a 0.5 percent decline.
Michigan had the best HPI numbers in July, with a 0.9 percent increase, followed by Ohio, Idaho, South Carolina and Montana, at 0.6 percent.
The Providence metropolitan area ranked second from the bottom out of the largest 40 metropolitan areas covered by Black Knight, coming in at No. 39 for a 0.4 percent decrease in HPI – home prices went from $246,000 in June to $245,000 in July. That is higher than the $235,000 home price a year ago at the same time, but still lower than the peak of $309,000 in June 2006.
The Boston metropolitan area came in last with its 0.5 percent decrease in HPI – home prices went from $389,000 in June to $387,000 in July. Prices reached their peak in August 2005 at $398,000.
Detroit ranked first for its 1.1 percent HPI increase, going from $147,000 in June to $148,000 in July. Detroit’s peak price was $193,000 in July 2005.

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