PROVIDENCE – The Rhode Island home price index increased 13.2% year over year in August, slightly slower than the national growth rate of 13.5%, CoreLogic Inc. said on Tuesday.
Rhode Island’s HPI growth rate was the fourth-highest in New England, with Vermont leading the region at 17%.
Internal Controls & Audits: Keys to a Resilient Hospitality Business
In the fast-paced world of hospitality, where operations run 24 hours a day, 365 days…
Learn More
The report found that although U.S. home prices continued their 127-month run of consecutive annual gains, they slowed for the fourth straight month. It’s the lowest year-over-year appreciation recorded since April 2021 and partially reflects continued cooling buyer demand due to higher mortgage rates and housing trends motivated by the COVID-19 outbreak winding down.
“The increased cost of homeownership has dampened buyer demand and caused prices to decelerate at a faster pace than initially expected,” said Selma Hepp, interim lead of the Office of the Chief Economist at CoreLogic. “Housing markets on the West Coast and in the Mountain West, as well as second-home markets, recorded particularly strong price growth in the summer of 2021 but were the first to see month-over-month price declines during the same period this year. While decelerating price growth and price declines benefit younger potential homebuyers, mortgage rates that are approaching 7% may cut many hopefuls out of the picture.”
On a month-over-month basis, home prices nationally declined by 0.7% in August compared with July.
The year-over-year growth rate of the home price index in other New England states:
- Maine: 14%
- New Hampshire 13.8%
- Connecticut: 12.8%
- Massachusetts: 9.1%.
