PROVIDENCE – The Home Price Index in Rhode Island increased 3.8% year over year in April, according to CoreLogic.
Rhode Island HPI growth was faster then the national growth of 3.6% in that time and ranked No. 3 in New England.
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“The pickup in sales between March and April has helped to counter the recent slowing in annual home-price growth,” stated Frank Nothaft, chief economist at CoreLogic. “Mortgage rates are 0.6 percentage points below what they were one year ago and incomes are up, which has improved affordability for buyers. However, price growth has remained the highest for lower-priced homes, constraining housing choices for first-time buyers.”
The fastest HPI growth year over year in the nation was in Idaho, with an HPI growth rate of 10.3%. The fastest decline in the United States was in North Dakota, where the HPI declined 5% year over year.
New England HPI change year over year in April:
- New Hampshire: 5.1%
- Maine: 4.7%
- Rhode Island: 3.8%
- Massachusetts: 2.9%
- Vermont: 2.1%
- Connecticut: -0.3%
In the Providence-Warwick-Fall River metropolitan area, HPI increased 4.6% year over year, a faster rate than in the state.
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Chris Bergenheim is the PBN web editor. You may reach him at Bergemnheim@PVBN.com.
