PROVIDENCE – The home price index in Rhode Island increased 17.6% year over year in April, faster than the national growth rate of 13%, CoreLogic said on Tuesday.
The Ocean State’s home price growth rate is the third highest in New England, the report said, behind Vermont and New Hampshire.
Other New England year-over-year home price index growth rates in April:
- Vermont: 18.3%
- New Hampshire: 18%
- Connecticut: 15.4%
- Maine: 14.7%
- Massachusetts: 11.8%
Nationally, prices of single-family homes were said to have been driven up by sparse inventory and high demand, as younger millennials continue to enter the market and older millennials seek to upgrade and upsize their homes, CoreLogic said.
The increased competition for homes was also said to have the potential to impact older homeowners’ willingness to list their properties.
“As older homeowners become more comfortable with listing their homes, they are faced with the reality that if they sell, they may get a smaller home for the same price as what they already have,” said Frank Martell, president and CEO of CoreLogic. “Rather than decreasing their financial burden and cashing out equity to support their retirement, baby boomers may choose to stay put – which could exacerbate inventory challenges.”
The full report can be viewed online, but may require free registration.
