PROVIDENCE – The Rhode Island home price index increased 10.3% year over year in September, slightly slower than the national growth rate of 11.4%, CoreLogic Inc. said on Tuesday.
Rhode Island’s HPI growth rate was the fourth highest in New England, with Vermont leading the region at 15.2%.
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The report found that U.S. home price growth continued to slow on a year-over-year basis in September. As in previous months, states in the Southeast put up significantly higher price gains than the national growth rate, with Florida again leading the country for the eighth consecutive month. Although rising mortgage rates continue to dampen housing demand nationwide, out-migration from more expensive states on the West Coast and in the Northeast is likely fueling homebuyer enthusiasm for properties in the relatively more affordable Southeast.
CoreLogic also predicts that home prices will remain stable over the next month and increase on a year-over-year basis by 3.9% from September 2022 to September 2023.
“The rapid increase in prices during the COVID-19 pandemic caused many U.S. housing markets to reach completely unaffordable levels for potential local homebuyers,” said Selma Hepp, interim lead of the Office of the Chief Economist at CoreLogic. “On the West Coast and in Mountain-West states, home prices are slowing from this spring’s high but remain elevated from a year ago. By contrast, markets that continue to see an in-migration of higher-income households are still experiencing home price gains that are notably higher than the national rate of appreciation.”
The year-over-year growth rate of the home price index in other New England states:
- New Hampshire 12.2%
- Maine: 11.8%
- Connecticut: 10.4%
- Massachusetts: 7.6%.
