Home Economy Economic Activity CoreLogic: R.I. home price index up 6.7% in December

CoreLogic: R.I. home price index up 6.7% in December

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PBN Staff

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02/10/2025

tO0I6HkQ-homeprice-indexsmall-1 (1) — THE RHODE ISLAND home price index increased 6.7% year over year in December, according to CoreLogic Inc. / ASSOCIATED PRESS FILE PHOTO/STEVEN SENNE

PROVIDENCE – The Rhode Island home price index increased 6.7% year over year in December, according to CoreLogic Inc. Rhode Island’s HPI growth rate in December was higher than the national growth rate of 3.4%, CoreLogic said. Connecticut posted the highest growth rate in the nation at 7.8%. New Jersey had the second-highest growth

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PROVIDENCE – The Rhode Island home price index increased 6.7% year over year in December, according to CoreLogic Inc. Rhode Island’s HPI growth rate in December was higher than the national growth rate of 3.4%, CoreLogic said. Connecticut posted the highest growth rate in the nation at 7.8%. New Jersey had the second-highest growth rate in the U.S. at 7.7%, followed by New Hampshire at 7.3%. Home price appreciation has been almost flat since the typically busy fall selling season began in September, CoreLogic said. Although housing supply improved throughout most of 2024, conditions trended down in December, and the country still needs more inventory for supply to catch up with buyer demand. The tariffs that the Trump administration is threatening to enact are expected to increase building costs for both new homes and rebuilding those damaged by January’s incredibly destructive wildfires in Los Angeles County, costs that will delay home construction times and inevitably get passed on to the buyer or owner, CoreLogic added. “Home prices have remained flat since the housing market began seeing slower activity this past summer," said CoreLogic Chief Economist Dr. Selma Hepp. "Bifurcation across markets has also persisted. Northeastern markets drove appreciation growth due to low inventories of homes for sale while Southern markets readjusted to higher inventories and increases in variable mortgage costs, such as taxes and insurance. “Despite the difficult housing markets conditions in 2024, home prices increased about 4.5% over the course of the year, a small jump compared to the 4.1% uptick in 2023. Going forward, with inventories improving and mortgage rates remaining elevated, forecasts suggest a smaller overall increase in prices in 2025,” Hepp said. CoreLogic’s forecast shows annual U.S. home price gains increasing to 4.1% in December 2025. The December 2024 year-over-year growth rates of the home price index for the other New England states are:

Vermont: 6.44%.

Maine: 5.59%.

Massachusetts: 5.49%