PROVIDENCE – The home price index for a single-family home in Rhode Island increased 7.4 percent year over year in December, the fastest growth in New England, according to CoreLogic Tuesday.
The United States HPI increased 4.7 percent year over year in December. Rhode Island’s year-to-year growth rate for the month was tied for fourth in the nation with Arizona behind Idaho (11.7 percent), Nevada (10.8 percent) and Utah (8.7 percent).
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“Higher mortgage rates slowed home sales and price growth during the second half of 2018,” said Frank Nothaft, chief economist for CoreLogic in the report. “Annual price growth peaked in March and averaged 6.4 percent during the first six months of the year. In the second half of 2018, growth moderated to 5.2 percent. For 2019, we are forecasting an average annual price growth of 3.4 percent.”
In New England, the second-highest growth rate behind Rhode Island was New Hampshire at 5.5 percent growth. Massachusetts ranked No. 3 in the region at 4.4 percent, followed by Maine at 2.9 percent, Vermont at 1.9 percent and Connecticut at 1 percent.
In the Providence-Warwick-Fall River metropolitan area, the HPI increased 6.6 percent year over year
“The slowdown in the rate of home price appreciation reflects the impact of inventory shortages and growing affordability issues in many markets,” said Frank Martell, president and CEO of CoreLogic. “On the positive side, if home-price growth continues to moderate, interest rates remain stable and household incomes rise in 2019, it could help renters and first-time buyers to take the plunge and realize the dream of owning a home.”
The report may be viewed online, but requires free registration.
Chris Bergenheim is the PBN web editor. Email him at Bergenheim@PBN.com.
