PROVIDENCE – The Rhode Island home price index increased 6.5 percent year over year in September, according to CoreLogic Tuesday.
The HPI growth rate in the Ocean State for September ranked No. 1 in New England, ahead of New Hampshire (6.1 percent), Massachusetts (5.6 percent), Vermont (4.1 percent), Maine (3.9 percent) and Connecticut (1.4 percent).
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CoreLogic also projected that Rhode Island HPI would grow at a 5.6 percent rate by September 2019.
“Our consumer research indicates younger millennials want to purchase homes, but the majority of them consider affordability a key obstacle. Less than half of younger millennials who are currently renting feel confident they will qualify for a mortgage, especially in such a competitive environment,” said Frank Martell, president and CEO of CoreLogic, in a statement.
Frank Nothaft, the company’s chief economist, said of the most recent HPI data that “the erosion of affordability in the highest cost markets has begun to slow home price growth.” Nothaft noted that prices had particularly slowed in Hawaii, California and Massachusetts, where median home-sale prices peaked at about $400,000 this summer.
According to Bloomberg News, CoreLogic’s data Tuesday was the “the latest in a spate of reports indicating housing is in a broad slowdown, with sales and home-building also showing signs of weakness.”
The full report may be read here, however, it does require free registration with CoreLogic.
Chris Bergenheim is the PBN web editor. Email him at Bergenheim@PBN.com.
