PROVIDENCE – The Home Price Index of single-family homes, including distressed sales, in the Providence metropolitan area increased 6.8 percent year over year in September, according to a CoreLogic report released Monday.
Nationally, HPI for single-family home sales rose 7 percent year over year.
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Prices for the metro area increased 0.6 percent from August.
CoreLogic considers the metropolitan area to be neither undervalued nor overvalued. Two surrounding counties – Norwich County, Conn., and Worcester County, Mass., were considered undervalued in September.
“Heading into the fall, home price growth continues to grow at a brisk pace,” said Frank Nothaft, chief economist for CoreLogic. “This appreciation reflects the low for-sale inventory that is holding back sales and pushing up prices.”
CoreLogic estimated that in Rhode Island, the HPI of single-family homes increased 6.3 percent year over year. The HPI growth from August was 0.8 percent.
Massachusetts HPI increased 6.9 percent year over year in September.
Chris Bergenheim is the PBN web editor.
