Report: R.I. homes prices show gain from May to June

HOME PRICE APPRECIATION in Rhode Island made a significant move forward from May to June, according to the latest Black Knight Home Price Index reading, placing the Ocean State at No. 3 among the 50 states and the District of Columbia. / COURTESY BLACK KNIGHT FINANCIAL SERVICES
HOME PRICE APPRECIATION in Rhode Island made a significant move forward from May to June, according to the latest Black Knight Home Price Index reading, placing the Ocean State at No. 3 among the 50 states and the District of Columbia. / COURTESY BLACK KNIGHT FINANCIAL SERVICES

JACKSONVILLE, Fla. – Rhode Island tied for the third-largest month-over-month statewide increase in home sales prices in June, rising 1.2 percent from May, according to the latest Black Knight Home Price Index report.
The Ocean State tied with Colorado, Florida and Massachusetts, with a growth rate significantly more than the 0.8 percent national growth rate. Leading the nation were Nevada, with home price increases of 1.4 percent, and Michigan, at 1.3 percent growth. The District of Columbia and North Carolina showed the slowest growth in the United States, at 0.1 percent. Connecticut saw a month-over-month HPI increase of 1.1 percent in June.
The Providence metro area ranked fourth among the 40 largest metros followed by Black Knight, with a month-over-month increase of 1.3 percent, to a value of $243,000 (the national HPI figure for June was $241,000). Providence showed a 4.4 percent increase in its HPI value from June 2013, but despite the recent gains, it still stands 20.1 percent below its June 2006 peak of $308,000.
In a separate report, Black Knight reported that Rhode Island’s serious delinquency rate for mortgages (those 90 or more days late in making payments) was 3.5 percent in July, placing it at the third highest in the nation. Mississippi had the worst rate, at 5.3 percent, followed by Alabama, at 3.8 percent. Massachusetts was right behind Rhode Island, at 3.4 percent. Despite the high ranking for delinquency rate, Rhode Island saw a 19 percent decline in the percentage on a year-over-year basis.

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