PROVIDENCE – The home price index in Rhode Island increased 4.1% year over year in December, CoreLogic said on Tuesday.
The increase was just ahead of the national rate of 4% over the year in December and ranked No. 4 for highest among the six New England states.
The increase in home prices in the country is not expected to slow. Instead, CoreLogic projects that the national HPI will increase 5.2% from December 2019 to December 2020.
“On a national level, home prices are on an upswing,” said Frank Martell, president and CEO of CoreLogic. “Price growth is likely to accelerate in 2020. And while demand for homeownership has continued to increase for millennials, particularly those in their 30s, 74% admit they have had to make significant financial sacrifices to afford a home. This could become an even bigger factor as home prices reach new heights during 2020.”
Other New England rates in December:
- Maine: Increased 7.9% year over year
- New Hampshire: Increased 5.6% over the year
- Vermont: Increased 4.6% year over year
- Massachusetts: Increased 3.7% year over year
- Connecticut increased 0.2% year over year
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