PROVIDENCE – The Rhode Island home-price index increased 7.5 percent year over year in June, according to CoreLogic Tuesday.
Nationally, HPI increased 6.8 percent in June, with all states experiencing an HPI increase year over year.
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Rhode Island had the second-highest year-over-year HPI growth in New England, behind Maine at 8.3 percent. Massachusetts had the third-highest HPI increase at 6.6 percent year over year in New England. New Hampshire had the fourth-highest increase at 4.8 percent, followed by Vermont at 3.1 percent and Connecticut at 0.1 percent.
Nevada had the highest year-over-year percent increase at 12.6 percent.
The report also noted the Providence-Warwick metropolitan area single-family home-price index increased 6.3 percent year over year, 1.2 percentage points lower than the Rhode Island HPI increase. The metro area was determined to be properly valued.
“The rise in home prices and interest rates over the past year have eroded affordability and are beginning to slow existing home sales in some markets,” stated Frank Nothaft, chief economist for CoreLogic.
Chris Bergenheim is the PBN web editor.
