PROVIDENCE – The Providence metropolitan area Home Price Index in July posted a 6.3 percent increase from the July 2016 level, according to a CoreLogic Inc. report released Tuesday. The metro area’s HPI rose 1.1 percent from June calculations.
The Rhode Island HPI rose 6.6 percent year over year, 0.1 percentage points below the national average. Despite lagging behind the national growth rate, Rhode Island’s HPI grew at a faster rate than any state in New England in July.
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“Home prices in July continued to rise at a solid pace with no signs of slowing down,” said Frank Martell, president and CEO of CoreLogic. “The combination of steadily rising purchase demand along with very tight inventory of unsold homes should keep upward pressure on home prices for the remainder of this year. While mortgage interest rates remain low, affordability cracks are emerging as over a third of U.S. top cities are now overvalued.”
The CoreLogic HPI takes into account home sales which includes distressed home sales.
July year-over-year New England HPI growth rates:
- National Average: 6.7 percent
- Rhode Island: 6.6 percent
- Massachusetts: 6.5 percent (Boston metro area: 6.5 percent)
- New Hampshire: 5.8 percent
- Maine: 4.9 percent
- Vermont: 4.8 percent
- Connecticut: 1.3 percent
Chris Bergenheim is the PBN web editor.
