R.I. HPI increases 5.6% Y/Y in Oct.

THE HOME PRICE INDEX in Rhode Island increased 5.6% year over year in October, the second highest rate of increase in New England. / BLOOMBERG NEWS FILE PHOTO/DERICK E. HINGLE
THE HOME PRICE INDEX in Rhode Island increased 5.6% year over year in October, the second highest rate of increase in New England. / BLOOMBERG NEWS FILE PHOTO/DERICK E. HINGLE

PROVIDENCE – The Rhode Island home price index increased 5.6% year over year in October, the second fastest rate of increase in New England, CoreLogic said on Tuesday.

Nationally, HPI increased 3.5% in that time.

Maine had the highest HPI growth rate in New England at 7.5% in October. Connecticut had the lowest rate, with no change. Other New England rate changes include New Hampshire, 5.5%; Vermont, 3.5%; and Massachusetts, 2.6%.

CoreLogic projected that the national HPI will have annual price growth that will increase by 5.4% from October 2019 to October 2020.

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“Nationally, over the past year, home prices are up 3.5% with the rate of growth accelerating from September into October,” said Frank Martell, president and CEO of CoreLogic. “We expect home prices to rise at least another 5% over the next 12 months. Interestingly, this persistent increase in home prices isn’t deterring older millennials. In fact, 25% of those surveyed anticipate purchasing a home over the next six to eight months.”

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