PROVIDENCE – The Rhode Island home price index increased 21.5% year over year in August, faster than the national growth rate of 18.1%, CoreLogic said on Tuesday.
Rhode Island’s HPI growth rate was also highest in New England and tied for seventh highest among all U.S. states. Idaho had the largest year-over-year increase in HPI, rising 32.2% in August.
The report said that the national HPI growth of 18.1% yearly growth rate was the largest since the index began in 1976. The report noted that prices were buoyed by a supply-constrained market and the entrance of investors into the homebuying market.
“Home prices continue to escalate at a torrid pace as a broad spectrum of buyers drive demand for a limited supply,” said Frank Martell, president and CEO of CoreLogic. “We expect to see the trend of strong price gains continue indefinitely with large amounts of capital chasing too few assets.”
Other New England HPI growth rates in August:
- New Hampshire: 20.2%
- Vermont: 20.2%
- Connecticut: 17.8%
- Maine: 17.6%
- Massachusetts: 15.4%
“Single-family, detached homes continue to be in high demand,” said Frank Nothaft, chief economist at CoreLogic. “These properties offer more living space and distance from neighboring homes than that of attached properties. On average, detached homes have 28% more inside space compared to single-family attached properties and about twice as much space as apartments in multifamily structures.”
The full report can be viewed online.
