R.I. HPI increases 3.8% in Feb.

PROVIDENCE – The Rhode Island home-price index increased by 3.8 percent year over year in February, the third-highest gain in New England, according to CoreLogic on April 2. The United States year-over-year HPI growth in February was 4 percent.

Maine had the highest 12-month HPI growth in New England in that time, increasing 5.1 percent, followed by New Hampshire at 4.9 percent and Rhode Island. Massachusetts had the fourth-highest HPI growth in the region at 3.4 percent year over year in February, followed by Vermont at 2.4 percent and Connecticut at 1.1 percent.

“With the Federal Reserve’s announcement to keep short-term interest rates where they are for the rest of the year, we expect mortgage rates to remain low and be a boost for the spring buying season,” stated Frank Nothaft, CoreLogic chief economist.

CoreLogic said the Providence-Warwick-Fall River metropolitan area HPI increased 4.5 percent year over year in February.

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