PROVIDENCE – The Rhode Island home price index increased 8.3% year over year in September, higher than the national growth rate of 4.5%, CoreLogic Inc. said Tuesday.
The 4.5% national increase in September in the index, a broad measure of the movement of single-family property prices, is largest gain since February, according to the report. The Northeast continued to post the strongest appreciation, with Maine seeing a 10.1% annual increase, the first double-digit HPI gain recorded in any state since early 2023.
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Despite mortgage rates that are approaching 8%, inventory constraints and a healthy U.S. job market should help keep price growth moderate but steady over the next year, CoreLogic concluded.
“While annual home price growth continued its third month of upward momentum in September, this mostly reflects a comparison with last year’s lows, when prices began to cool from double-digit growth in autumn 2022,” said Selma Hepp, chief economist for CoreLogic. Still, given the continued rise of borrowing costs in 2023, it is remarkable to see how resilient home price growth has been in recent months, with September’s 0.3% month-over-month gain lining up with pre-pandemic trends.
Nevertheless, as mortgage rates significantly impact affordability, certain markets with continued in-migration from more expensive states are showing renewed buoyancy and outsized monthly price gains,” Hepp added.
Rhode Island’s HPI growth rate was the second lowest in New England, with Maine leading the region.
Here are year-over-year growth rates of the home-price index for the other New England states:
- Connecticut 9.5%
- Vermont 8.7%
- New Hampshire: 8.5%
- Massachusetts: 5.9%.
