PROVIDENCE – Single-family home prices in the Providence-Warwick-Fall River metropolitan area and in Rhode Island rose 6.3 percent and 6.5 percent, respectively, over the year in February, but lagged the national home price increase of 7 percent during that time period, CoreLogic said this week.
Elsewhere in New England, Massachusetts saw home prices rise 6.2 percent over the year, while New Hampshire and Vermont each passed the national average with increases of 7.3 percent and 7.5 percent, respectively. Home prices in Maine rose 2.6 percent over the year, and Connecticut was the only New England to experience a home price decline over that timeframe at 0.1 percent.
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Data also includes distressed sales, which are real estate-owned or short sales.
CoreLogic is predicting that home prices will continue to increase. It expects home prices to rise nationally by 4.7 percent on a year-over-year basis from February 2017 to February 2018.
“Home prices continue to grow at a torrid pace so far in 2017 and these gains are likely to continue well into the future,” Frank Martell, president and CEO of CoreLogic, said in a statement. “Home prices are at peak levels in many major markets and the appreciation is being driven by a number of dynamics – high demand, stronger employment, lean supplies and affordability – that will continue to play out in the coming years. The CoreLogic Home Price Index is projecting an additional 5 percent rise in home prices nationally over the next 12 months.”
