PROVIDENCE – The home price index for homes in Rhode Island increased 6.5 percent in September, according to CoreLogic Tuesday.
The year-over-year HPI growth was 0.9 percentage points higher than the 5.6 percent national HPI growth and was the highest HPI growth rates among New England states.
In addition, CoreLogic predicted that Rhode Island HPI was on track to increase 5.6 percent by September 2019.
The second-highest HPI growth rate year over year in September in New England was in New Hampshire, where the HPI increased 6.1 percent over the year. In third place in the region was Massachusetts, where the HPI increased 5.6 percent over the year, followed by Vermont (4.1 percent), Maine (3.9 percent) and Connecticut (1.4 percent).
“The erosion of affordability in the highest cost markets has begun to slow home price growth,” said Frank Nothaft, chief economist for CoreLogic, in a statement. “Hawaii, California and Massachusetts had median sales prices above $400,000 this summer, the highest in the nation, while annual home price growth slowed steadily between June and September in these three states. When comparing September 2018 with September 2017, annual price appreciation slowed more in these states than in the U.S overall. Nationally, annual price growth slowed 0.5 percentage points. However, in Hawaii, California and Massachusetts growth rates decreased by 1.7, 0.7 and 1.0 percentage points, respectively.”
The highest HPI growth rate of any state in the country was in Idaho, where HPI increased 11.9 percent year over year in August.
The report also noted that HPI for single-family homes in the Providence-Warwick-Fall River metropolitan area increased 6.02 percent year over year and declined 0.05 percent month to month.
The entire report can be viewed online, but requires free registration to see the data.
Chris Bergenheim is the PBN web editor. Email him at Bergenheim@PBN.com.
