PROVIDENCE – The Rhode Island home price index increased 4.5% year over year in June, higher than the national growth rate of 1.6%, according to CoreLogic Inc.
Rhode Island’s HPI growth rate was the third lowest in New England, with New Hampshire leading the region at 6.4%.
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While annual national home price growth remained near an 11-year low in June, at 1.6%, the gain was slightly higher than in May, indicating that appreciation could be bottoming out, CoreLogic said in its report Tuesday. The company expects year-over-year U.S. home price appreciation to pick up for the rest of 2023 and reach about 7% by early 2024.
“While the … imbalance between buyers and sellers continues to pressure home prices, June’s annual bump in price growth echoes economic resiliency, a thriving U.S. job market and strong consumer spending,” said Selma Hepp, chief economist for CoreLogic. “And while higher mortgage rates are impacting affordability for buyers with loans, almost four in 10 sales are all-cash transactions. Also, most baby-boomer homeowners have substantial equity, which could be putting pressure on prices in markets where that generation is currently migrating.”
Here are year-over-year growth rates of the home-price index for the other New England states:
- Maine 5.8%
- Connecticut: 5.6%
- Vermont: 2.9%
- Massachusetts: 1.7%.
