PROVIDENCE – The Rhode Island home price index, a broad measure of the movement of single-family property prices, increased 8.4% year over year in August, higher than the national growth rate of 3.7%, CoreLogic Inc. said Tuesday.
Housing markets in New England are starting to heat up, according to the report, with New Hampshire, Maine, Vermont and Rhode Island seeing the largest year-over-year price gains in the nation during the month of August.
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Rhode Island’s HPI growth rate was the second lowest in New England. New Hampshire led the region at 9.4%.
August’s national 3.7% home price gain was the highest since February 2023 and marked 139 straight months of home-price increases across the country.
“While continued mortgage rate increases challenge affordability across U.S. housing markets, home-price growth is in line with typical seasonal averages, reflecting strong demand bolstered by a healthy labor market, strong wage growth and supporting demographic trends,“ said Selma Hepp, chief economist for CoreLogic. “Still, with a slower buying season ahead and the surging cost of homeownership, additional monthly price gains may taper off.”
Here are year-over-year growth rates of the home-price index for the other New England states:
- Maine 8.9%
- Vermont 8.9%
- Connecticut: 8.1%
- Massachusetts: 4.9%.
