PROVIDENCE – The Rhode Island home price index for single-family homes increased 4.4% year over year in March, the third-fastest growth rate in New England, according to a report from CoreLogic Tuesday.
The national HPI growth rate was 3.7% for the 12 months ending in March. The report characterized national HPI growth as slowing, attributed to slowdowns in the nation’s most expensive markets.
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“The U.S. housing market continues to cool, primarily due to some of our priciest markets moving into frigid waters,” stated Ralph McLaughlin, deputy chief economist at CoreLogic. “But the broader market looks more temperate as supply and demand come into balance. With mortgage rates flat and inventory picking up, we expect more buyers to take advantage of easing housing market headwinds.”
New England year-over-year HPI growth for March:
- Maine: 9.1%
- New Hampshire: 5.3%
- Rhode Island: 4.4%
- Massachusetts: 3.7%
- Vermont: 3.3%
- Connecticut: 0%
Idaho had the fastest HPI growth rate year over year for the month, increasing 10.5%. North Dakota recorded the only HPI decline in the nation year over year in March, declining 4%.
The report also included HPI data for the Providence-Warwick-Fall River metropolitan area, where the HPI increased 4.5% year over year.
The full report may be viewed online, but may require free registration.
Chris Bergenheim is the PBN web editor. You may reach him at Bergenheim@PBN.com.
