R.I., metro home price increases in July lag Mass., nation

Home prices in the Providence-New Bedford-Fall River metro area rose 4.8 percent in July compared with a year ago, according to the CoreLogic Home Price Index report released Tuesday. More

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R.I., metro home price increases in July lag Mass., nation

THE PROVIDENCE-NEW BEDFORD-FALL RIVER metro area saw a 4.8 percent gain in single-family home prices in the 12 months through July, according to CoreLogic, trailing the national gain of 12.4 percent.
Posted 9/3/13

PROVIDENCE – Home prices in the Providence-New Bedford-Fall River metro area rose 4.8 percent in July compared with a year ago, according to the CoreLogic Home Price Index report released Tuesday.

In addition to reporting the metro area data, CoreLogic noted that the HPI for Rhode Island increased 5.1 percent over the year ended in July. Massachusetts saw an 11.9 percent gain over the same period.

The metro area and state data mirror national home price trends, which showed an increase of 12.4 percent in July compared with 2012.

July marked the 17th consecutive monthly year-over-year increase in nationwide home prices.

“Nationally, home prices are now within 18 percent of their peak levels reached in April of 2006,” said Anand Nallathambi, president and CEO of Irvine, Calif.-based CoreLogic, in the report.

Rhode Island’s peak-to-current price gap remains one of the largest, with home prices 29.7 percent below 2006 peak levels.

Only Nevada (-43 percent), Florida (-37.4 percent) and Arizona (-32.5 percent) registered larger peak-to-current declines, while Michigan (-27.7 percent) ranked just ahead of Rhode Island.

The five states with the highest year-over-year home price appreciation were: Nevada (+27 percent), California (+23.2 percent), Arizona (+17 percent), Wyoming (+16.4 percent) and Oregon (+15 percent).

Mark Fleming, chief economist for CoreLogic, said in the report that price growth will likely slow in the second half of the year as seasonal demand wanes.

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