Home prices grow 5.1% year over year in Prov. metro in January

THE PROVIDENCE-WARWICK-Fall River metropolitan area had home price growth of 5.1 percent in January compared with January 2016, Black Knight Financial Services said Monday. / COURTESY BLACK KNIGHT FINANCIAL SERVICES
THE PROVIDENCE-WARWICK-Fall River metropolitan area had home price growth of 5.1 percent in January compared with January 2016, Black Knight Financial Services said Monday. / COURTESY BLACK KNIGHT FINANCIAL SERVICES

PROVIDENCE – The Providence-Warwick-Fall River metropolitan area ranked 30th among the 40 largest metros for home-price growth over the year in January of 5.1 percent, Black Knight Financial Services said Monday.

The Providence metro’s average home price reached $268,000 in January, which is 25.8 percent higher than the low of $213,000 recorded in January 2012, the market bottom, but still 13.7 percent lower than the peak price of $310,000 recorded in June 2006.

Seattle experienced the greatest year-over-year growth with a 12.3 percent increase to $423,000. St. Louis had the smallest growth, at only 0.1 percent over the year, to $156,000.

Boston ranked 14th highest for home price growth of nearly 7 percent over the year, to $435,000. That was a new peak for the Boston metro, according to Black Knight.

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Nationwide, home prices increased 5.4 percent over the year, for an average price of $266,000, which is 33.5 percent higher than the trough of $199,000, and only 0.3 percent off from the June 2006 peak of $268,000.

Among the 20 largest states tracked by Black Knight, three hit new peaks in January – Massachusetts, $376,000; New York, $369,000; and Washington, $345,000. Massachusetts home prices climbed 6 percent over the year, while New York’s home prices rose 6.7 percent over that time period. Washington’s home prices jumped 10.9 percent compared with January 2016, Black Knight said.

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