PROVIDENCE- The single-family Home Price Index for the Providence-Warwick metropolitan area increased 7.5 percent year over year in May, according to a CoreLogic report Tuesday.
Excluding distressed sales, HPI in the metro area increased 7 percent in that time.
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Nationally, HPI has increased 7.1 percent year-over-year, and 1.1 percent month-over-month from April 2018.
In Rhode Island, the HPI for single-family homes increased 8.2 percent year over year, the second highest growth in New England after Maine (8.5 percent). Massachusetts HPI increased 5.9 percent in that time.
Washington had the largest yearly HPI increase in the nation, in May, at 12.8 percent.
The study found that in the largest 100 metropolitan areas in the country, 26 percent of areas have an undervalued housing market, and 34 percent were at value. Overvalued house prices are defined as being at least 10 percent higher than the long-term, sustainable level, while an undervalued housing market is one where prices are at least 10 percent below the sustainable level.
CoreLogic predicts that the national HPI will continue to increase by 5.1 percent year-over-year from May 2018 to May 2019.
Haley Hunt is a PBN contributing writer.
