R.I. HPI increases 5.6% in Oct.

PROVIDENCE – The Rhode Island home price index increased 5.6 percent year over year in October, tied for the second-highest growth rate in New England, according to CoreLogic on Dec. 4.

The United States HPI increased 5.4 percent year over year in October.

“October’s mortgage rates were the highest in seven and a half years, eroding buyer affordability,” said Frank Nothaft, CoreLogic chief economist, in a statement. “Despite higher interest rates, many renters view a home purchase as a way to build wealth through home-equity growth.”

The Ocean State HPI growth rate for the month tied with New Hampshire. They were edged out for highest HPI growth in the region by Massachusetts’ 5.7 percent.

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At No. 4 in the region was Maine’s 4.4 percent HPI growth, followed by Vermont at 3.9 percent and Connecticut at 1.1 percent.

CoreLogic also noted that in the Providence-Warwick-Fall River metropolitan area, HPI increased 6 percent from October 2017 to October 2018.