PROVIDENCE – The Rhode Island home price index increased 4.8% year over year in July, faster than the national rate increase of 3.6%, according to CoreLogic Tuesday.
Rhode Island’s HPI growth rate year over year was second highest in New England, only behind a 7.7% year-over-year increase in Maine.
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New England HPI growth rates year over year in July:
- Maine: 7.7%
- Rhode Island: 4.8%
- New Hampshire: 4.7%
- Vermont: 3.8%
- Massachusetts: 3.3%
- Connecticut: -0.3%
“Sales of new and existing homes this July were up from a year ago, supported by low mortgage rates and rising family income,” said Frank Nothaft, chief economist at CoreLogic in the report. “With the for-sale inventory remaining low in many markets, the pick-up in buying has nudged price growth up. If low interest rates and rising income continue, then we expect home-price growth will strengthen over the coming year.”
The report is available online but may require free registration.
