CoreLogic: R.I. home price index up 4% in April

THE RHODE ISLAND home price index increased 4% year over year in April, higher than the national rate of 2%, CoreLogic Inc. says. / AP FILE PHOTO
THE RHODE ISLAND home price index increased 4% year over year in April, higher than the national rate of 2%, CoreLogic Inc. says. / AP FILE PHOTO

PROVIDENCE – The Rhode Island home price index increased 4% year over year in April, higher than the national growth rate of 2%, CoreLogic Inc. said Tuesday. 

Rhode Island’s HPI growth rate was the third lowest in New England, with Maine leading the region at 6.4%. 

The 2% increase nationally in April was the lowest recorded since March 2012, CoreLogic said. April also marked 135 consecutive months of annual growth but the sixth straight month of single-digit gains, which have slowed from an all-time high of nearly 20% annual appreciation in the spring of 2022, according to the report.

CoreLogic said numerous economic concerns are contributing to buyer reluctance, including mortgage rate volatility and the related uncertainty surrounding the recent debt-ceiling debate. They also added a continued shortage of homes for sale could keep pressure on housing prices over the next 12 months.

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“While mortgage rate volatility continues to cause buyer hesitation, the lack of for-sale homes is putting firm pressure on prices this spring, leading to above-average seasonal monthly gains and a rebound in home prices in most markets,” said CoreLogic Chief Economist Selma Hepp. ”Nevertheless, the recent surge in mortgage rates and continued inflation issues suggest that rates may remain elevated, leading home price appreciation to possibly relax this summer and return to average seasonal gains later in 2023.”

The year-over-year growth rate of the home-price index in the rest of New England:

  • New Hampshire: 6.2%
  • Connecticut: 5.5%
  • Vermont: 3.9%
  • Massachusetts: 1.5%.

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