PROVIDENCE – The home price index in Rhode Island increased 4.4% year over year in May, according to CoreLogic Tuesday.
The HPI growth rate for single-family homes in the Ocean State was above the national HPI growth rate of 3.6% year over year and ranked No. 3 among New England states.
Beyond Cash Donations: How New Forms of Giving Are Transforming Not-for-Profit Accounting
Evolving Funding Landscape for Not-for-Profits Not-for-profit organizations are being asked to do more with less,…
Learn More
Maine had the highest year-over-year HPI growth rate in the region in May at 5.2%, followed by New Hampshire at 4.8%. Rhode Island’s rate was ahead of Vermont’s at 2.7% HPI growth, Massachusetts, with a 2.5% growth rate, and Connecticut, where HPI increased 0.3% year over year.
The largest HPI growth rate in the nation year over year in May was in Idaho, where HPI increased 10.7% year over year. The only state to record a negative HPI index was North Dakota, which saw a decline of 1.7% from May 2018.
The report also found that in the Providence-Warwick-Fall River metropolitan area, HPI growth was roughly the same as in Rhode Island at 4.4% over the year.
“The recent and forecasted acceleration in home prices is a good and bad thing at the same time,” said Frank Martell, president and CEO of CoreLogic. “Higher prices and a lack of affordable homes are two of the most challenging issues in housing today, and every buyer, seller and industry participant is being impacted. The long-term solution lies in expanding supply, which will require aggressive and effective collaboration between policy makers, state and local government entities, and home builders.”
The full report may be viewed online, but may require free registration.
