PROVIDENCE – The home price index for single-family homes in Rhode Island increased 4.1% year over year in June, according to CoreLogic Tuesday.
The rate of increase was the third fastest in New England behind Maine and New Hampshire. Nationally, the HPI increased 3.4% year over year.
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Idaho experienced the fastest rate of increase of HPI of any state in the country, with a 9.9% increase year over year in June.
New England year over year HPI increases:
- Maine: 4.8% increase
- New Hampshire: 4.6% increase
- Rhode Island: 4.1% increase
- Vermont: 3.8% increase
- Massachusetts: 2.5% increase
- Connecticut: 0.4% decline
“Tepid home sales have caused home prices to rise at the slowest pace for the first half of a year since 2011,” said Frank Nothaft, chief economist at CoreLogic, in the report. “Price growth continues to be faster for lower-priced homes, as first-time buyers and investors are both actively seeking entry-level homes. With incomes up and current mortgage rates about 0.8 percentage points below what they were one year ago, home sales should have a better sales pace in the second half of 2019 than a year earlier, leading to a quickening in price growth over the next year.”
The report may be viewed online, but may require free registration.
