R.I. HPI increases 3.8% in Feb.

THE RHODE ISLAND home price index increased 3.8 percent year over year in February. / BLOOMBERG NEWS FILE PHOTO/DERICK E. HINGLE
THE RHODE ISLAND home price index increased 3.8 percent year over year in February. / BLOOMBERG NEWS FILE PHOTO/DERICK E. HINGLE

PROVIDENCE – The Rhode Island home price index increased at 3.8 percent year over year in February, the third-highest percent growth in New England, according to CoreLogic Tuesday. 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 at 3.8 percent. 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.

Idaho had the largest yearly HPI growth for the month at 10.2 percent. North Dakota was the only state with a year-over-year HPI decline, decreasing 1.7 percent.

“During the first two months of the year, home-price growth continued to decelerate,” stated Frank Nothaft, chief economist for CoreLogic. “This is the opposite of what we saw the last two years when price growth accelerated early. 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. A strong buying season could lead to a pickup in home-price growth later this year.”

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

The full report may be viewed online but may require free registration.

Chris Bergenhiem is the PBN web editor. You may reach him at Bergenheim@PBN.com.

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