R.I. home price index increases 15.3% Y/Y in January

THE RHODE ISLAND home price index increased 15.3% year over year in January, slower than the national growth rate of 19.1%, CoreLogic Inc. said on Tuesday. / AP FILE PHOTO

PROVIDENCE – The Rhode Island home price index increased 15.3% year over year in January, slower than the national growth rate of 19.1%, CoreLogic Inc. said on Tuesday.

Rhode Island’s HPI growth rate was the second-highest in New England, trailing Vermont at 18.9%. Arizona had the largest year-over-year increase in HPI at 28.3%.

At the low end, Washington, D.C., saw home prices increase 3.8%, and home prices in Alaska increased 7.4%, according to the data. Population growth in some states added to homebuying demand in 2021, pushing up home prices. Arizona, Florida, Utah and Nevada were all in the top 10 for percentage increase in population growth in 2021, according to the Core Logic report.

The 19.1% national HPI yearly growth rate was the highest 12-month national growth since the index began in 1976, due to generational low inventory and strong consumer optimism in January despite market and economic challenges, according to the report.

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“In December and January, for-sale inventory continued to be the lowest we have seen in a generation,” said Frank Nothaft, chief economist at CoreLogic, in a statement. “Buyers have continued to bid prices up for the limited supply on the market. However, the rise in mortgage rates since January further eroded buyer affordability and is expected to slow price gains in coming months.”

Other New England HPI growth rates in January:

  • New Hampshire: 17.3%
  • Maine: 12.9%
  • Connecticut: 12.1%
  • Massachusetts: 11.9%

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