PROVIDENCE – Single-family home prices in the Providence-Warwick metropolitan area rose 8.2 percent year over year in April, according to a June 5 CoreLogic home price report.
The home price index in Rhode Island increased 9.1 percent year over year. Rhode Island had the highest year-over-year HPI growth in New England, edging out Maine at 9 percent.
CoreLogic analyzed housing values in the country’s 100 largest metropolitan areas based on housing stock and found 40 percent of metropolitan areas have an overvalued housing market, 28 percent were undervalued and 32 percent were at value. Overvalued housing prices are defined as being 10 percent higher than the long-term, sustainable level, while undervalued housing is a market where home prices fall at least 10 percent below the sustainable level.
The Providence metro area was found to be properly valued.