PROVIDENCE – The home price index for a single-family home in Rhode Island increased 4.9% year over year in February, faster than the national increase of 4.1%, according to CoreLogic Tuesday.
Rhode Island’s percent HPI increase ranked third highest in New England in February:
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- Maine increased 5.9% year over year
- New Hampshire increased 5.3% year over year
- Vermont increased 4.3% year over year
- Massachusetts increased 4% year over year
- Connecticut declined 0.6% year over year
“Before the onset of the pandemic, the quickening of home price growth during the first two months of 2020 highlighted the strength of purchase activity,” said Frank Nothaft, chief economist at CoreLogic. “In February, the national unemployment rate matched a 50-year low, mortgage rates fell to the lowest level in more than three years and for-sale inventory remained lean, all contributing to the pickup in value growth.”
CoreLogic’s report also noted that “purchase activity slowed in the latter half of March as unemployment began to rise and local shelter-in-place directives led to cancellations of open houses.,” due to the COVID-19 pandemic. Figures for March are expected on May 3.
The full report may be viewed online but may require free registration.
