PROVIDENCE – The home price index in Rhode Island increased 9.8% year over year in October, CoreLogic said on Tuesday.
The increase was the third-highest growth rate in New England, behind Maine and New Hampshire.
Nationally, the HPI increased 7.3% year over year in October.
“Homebuyers have been spurred by record-low mortgage rates and an urgency to buy or upgrade to more space, especially as much of the American workforce continues to work from home,” said Frank Martell, president and CEO of CoreLogic. “First-time buyers in particular should remain a big part of next year’s home purchases, as the largest wave of millennials is heading into prime homebuying years.
HPI growth in other New England states year over year in October:
- Maine: 14.9%
- New Hampshire: 10.2%
- Massachusetts: 7.9%
- Connecticut: 7.4%
- Vermont: 6.9%
“The pandemic has shifted homebuyer interest toward detached, rather than attached, homes,” said Frank Nothaft, chief economist at CoreLogic. “Detached homes offer more living space and are typically located in less-densely populated neighborhoods. And while prices of single-family, detached homes posted an annual increase of 7.9% in October, the price of attached homes rose only 4.5% year over year.”
The full report can be viewed online, but may require free registration.
