PROVIDENCE – The Rhode Island home price index increased 4.2% year over year in May, higher than the national growth rate of 1.4%, according to CoreLogic Inc.
Rhode Island’s HPI growth rate was the second lowest in New England, with Maine leading the region at 7.2%.
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Annual U.S. single-family home price growth slowed nationwide for the 12th straight month in May, but U.S. appreciation remained positive for the 136th straight month, the report said.
“After peaking in the spring of 2022, annual home price deceleration continued in May,” said Selma Hepp, chief economist at CoreLogic. “Despite slowing year-over-year price growth, the recent momentum in monthly price gains continues in the face of recent mortgage rate increases.
“Nevertheless, following a cumulative increase of almost 4% in home prices between February and April of 2023, elevated mortgage rates and high home prices are putting pressure on potential buyers. These dynamics are cooling recent month-over-month home price growth, which began to taper and is returning to the pre-pandemic average, with a 0.9% increase from April to May,” Hepp said.
The year-over-year growth rate of the home-price index for the other New England states:
- Vermont: 6.6%
- Connecticut: 5.3%
- New Hampshire: 5.1%
- Massachusetts: 0.9%
