R.I. ranks in bottom 10 for home price drop

PROVIDENCE – Rhode Island ranked in the worst 10 performers nationally for month-over-month changes in home sale prices in August, according to Black Knight Financial Services’ data and analytics division.
The home price index report, released Monday, showed that Rhode Island tied with Ohio, Pennsylvania, Arkansas and Vermont with a 0.3 percent decline in home prices. Coming in next with a 0.4 percent drop were Georgia and the District of Columbia, with Virignia, Missouri and Wisconsin reporting 0.5 percent price dips.
In comparison, home prices increased the most – 0.6 percent – in New York, Michigan and Nevada, followed by a 0.5 percent increase in South Carolina and Texas, and 0.4 percent increase in Hawaii. Louisiana, Florida, Oregon and Montana all had prices rise 0.3 percent compared with figures from July.
The Providence metropolitan area ranked 34th out of the 40 largest metropolitan areas covered by Black Knight, for August average home prices of $245,000, a drop of two-tenths of a percentage point from the month before. That represents a 4 percent increase from August 2013, but a 20.6 percent drop from June 2006’s peak of $308,000.
The Boston metropolitan area ranked 26th for home prices staying the same from July to August at $387,000. That represents a 5.7 percent increase from August 2013 and 2.6 percent drop from August 2005’s peak of $398,000.
For the second month in a row, Detroit ranked first for its 0.9 percent increase in HPI, going from $148,000 in July to $149,000 in August. Detroit’s peak price was $193,000 in July 2005.

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