PROVIDENCE – The October Home Price Index in Rhode Island increased 7.5 percent year over year, a faster growth rate than any other state in New England, according to CoreLogic Tuesday.
Rhode Island tied for the ninth-fastest year-over-year growth rate in the nation with South Dakota. The national HPI growth rate was 7 percent year over year.
Seifert Systems Invests in Energy Efficiency to Strengthen Operations
For manufacturers, energy is more than just another operating expense. It plays a critical role…
Learn More
The second highest HPI growth for October in New England was in Massachusetts, where the year-over-year HPI growth was measured at 6.8 percent.
The fastest HPI growth was in Washington, at 12.5 percent year over year in October. West Virginia had the slowest HPI growth at 0.4 percent year over year.
“The acceleration in home prices is good news for both homeowners and the economy because it leads to higher home equity balances that support consumer spending and is a cushion against mortgage risk,” Said CoreLogic President and CEO Frank Martell. “However, for entry-level renters and first-time homebuyers, it leads to tougher affordability challenges.”
The Rhode Island HPI rose 0.4 percent from September. CoreLogic also predicted that the Rhode Island HPI will rise 3.7 percent from October 2017 to October 2018.
New England year-over-year HPI growth rates for October 2017:
- Rhode Island: 7.5 percent
- Massachusetts: 6.8 percent
- New Hampshire: 5.9 percent
- Maine: 5.6 percent
- Vermont: 4.9 percent
- Connecticut: 2.5 percent
Chris Bergenheim is the PBN web editor.
