Home Economy CoreLogic: R.I. home price index up 9.84% year over year in April

CoreLogic: R.I. home price index up 9.84% year over year in April

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PBN Staff

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06/05/2024

THE RHODE ISLAND home price index increased 9.84% year over year in April, higher than the national growth rate of 5.3%, according to CoreLogic Inc. / AP FILE PHOTO/ROGELIO V. SOLIS

PROVIDENCE – The Rhode Island home price index increased 9.84% year over year in April, higher than the national growth rate of 5.3%, according to CoreLogic Inc. Rhode Island’s HPI growth rate – a broad measure of the movement of single-family house prices – was the third-highest in New England. New Hampshire ranked first in

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PROVIDENCE – The Rhode Island home price index increased 9.84% year over year in April, higher than the national growth rate of 5.3%, according to CoreLogic Inc. Rhode Island’s HPI growth rate – a broad measure of the movement of single-family house prices – was the third-highest in New England. New Hampshire ranked first in both New England and the nation for annual appreciation in April with an 11.9% increase in the index, a broad measure of the movement of single-family property prices. By next spring, CoreLogic said, national price gains are projected to slow to 3.4%, with only a few states putting up increases of higher than 6%. This slow cooling reflects not only the increasing number of homes on the market in some parts of the country but also elevated, 30-year, fixed-rate mortgage interest rates, which remain around 7%, a major factor influencing America’s continuing housing affordability challenges. “Home price growth continues to slow, as a comparison with a strong 2023 spring is still impacting year-over-year differences,” said Dr. Selma Hepp, chief economist for CoreLogic. “Nevertheless, the April uptick in mortgage rates to this year’s high has cooled some of the typical spring homebuyer demand, which pulled monthly gains of 1.1% below the March-to-April average.” “The home price slowing also highlights buyers’ increased sensitivity to rising interest rates, as well as the anticipation that presumed lower rates down the road will help ease the affordability crunch,” Hepp said. “Also, the price cooling is more pronounced in markets where there has been an influx of inventory and/or new construction, as well as those where additional homeownership costs (such as insurance, taxes and homeowners association fees) have risen relatively faster.” Here are the year-over-year growth rates of the home price index for the other New England states:

Connecticut: 9.94%
Massachusetts 7.99%
Maine 7.51%
Vermont: 5.8%