PROVIDENCE – The home price index in Rhode Island increased 7% year over year in August, faster than the national rise of 5.9%, CoreLogic said on Tuesday.
Rhode Island had the third-highest year over year growth rate in New England.
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“Consumers who have not been as financially impacted by the ongoing economic pressures are taking advantage of low mortgage rates to either break into the market, upgrade their living situations or purchase second homes and investment properties,” said Frank Martell, president and CEO of CoreLogic. “With heightened activity putting a strain on the current for-sale inventory, strong demand should help spur new homebuilding activity.”
Other New England HPI growth rates over the year in August:
- Maine: 9.6%
- New Hampshire: 8.5%
- Vermont: 5.9%
- Massachusetts: 5%
- Connecticut: 4%
“The imbalance between homebuyer demand and for-sale inventory is particularly acute for lower-priced homes,” said Frank Nothaft, chief economist at CoreLogic. “Because of this imbalance, homes priced more than 25% below the median were up 8.6% in price over the last year, compared with the 5.9% price increase for all homes.”
Idaho had the highest HPI growth rate year over year in August of all states, at 10/8%.
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