R.I. HPI grows 9.1% Y/Y in Sept.

THE HOME PRICE INDEX in Rhode Island increased by 9.1% year over year in September.. / PBN FILE PHOTO/MICHAEL SALERNO

PROVIDENCE – The home price index for a single-family home in Rhode Island increased 9.1% year over year in September, the third highest rate of increase in New England, CoreLogic said on Tuesday.

Nationally, HPI increased 6.7% from one year prior.

“Housing continues to be a bright spot during an otherwise challenging economic time for many U.S. households,” said Frank Martell, president and CEO of CoreLogic. “Those in sectors that weathered the transition to remote work successfully are now able to take advantage of low mortgage rates to purchase a home for the first time or to trade-up to a larger home.”

Idaho had the largest HPI increase year over year of all states in September at 11.8%. New York had the slowest rate of growth in the nation at 1.5% in that time.

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New England HP growth over the year in September:

  • Maine: 11%
  • New Hampshire: 9.4%
  • Massachusetts: 6.8%
  • Connecticut: 6.4%
  • Vermont 6.2%

“COVID has contributed to the acute shortage of inventory as the pace of new construction slowed and older prospective sellers postponed listing their homes until after the pandemic,” said Frank Nothaft, chief economist at CoreLogic. “Once the pandemic passes or a vaccine is widely administered, we should see a noticeable pick-up in for-sale homes. And if the economy’s recovery is sluggish next year, distressed sales may also add to market inventory.”

The full report can be found online, but may require free registration.

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