PROVIDENCE – The Rhode Island home price index increased 22% year over year in July, faster than the 18% growth nationally and fastest in New England, according to data released by CoreLogic on Tuesday.
Nationally, the 18% growth rate was the highest annual rate since the home price index series began in 1976-1977. Rhode Island’s HPI growth ranked sixth highest in the nation in July.
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“July’s annual home price growth was the most that we have ever seen in the 45-year history of the CoreLogic home price index,” said Frank Nothaft, chief economist at CoreLogic. “This price gain has far exceeded income growth and eroded affordability. In the coming months, this will temper demand and lead to a slowing in price growth.”
New England growth rates year over year in July:
- New Hampshire: 20.6%
- Vermont: 19.8%
- Connecticut: 19.3%
- Maine: 16.6%
- Massachusetts: 15.6%
Idaho’s HPI had the highest year-over-year growth rate of all states, increasing 33.6%, followed by Arizona at 28.4%.
“Home price appreciation continues to escalate as millennials entering their prime home-buying years, renters looking to escape skyrocketing rents and deep-pocketed investors drive demand,” said Frank Martell, CEO and president of CoreLogic. “On the supply side, it is also the result of chronic underbuilding, especially of affordable stock. This lack of supply is unlikely to be resolved over the next 5 to 10 years without more aggressive incentives for builders to add new units.”
The full report may be viewed online.
