R.I. HPI rise 2nd highest in N.E. in May

RHODE ISLAND's home price index increased 5.7% year over year in May. / AP FILE PHOTO/DAVID ZALUBOWSKI

PROVIDENCE – The Rhode Island Home Price Index increased 5.7% year over year in May, CoreLogic said on Tuesday.

The rate of increase ranked No. 2 in New England, behind New Hampshire, and outpaced the national HPI increase of 4.8% for the month. Idaho had the largest increase of any state year over year in May, rising 11.7%.

“Pending sales and home-purchase loan applications are higher than in June of last year and reflect the buying activity of millennials,” said Frank Nothaft, chief economist at CoreLogic. “By the end of summer, buying will slacken and we expect home prices will show declines in metro areas that have been especially hard hit by the recession.”

Other New England HPI increases year over year in May:

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  • New Hampshire: 6.1%
  • Maine: 5.6%
  • Massachusetts: 3.7%
  • Connecticut: 2%
  • Vermont: 1.9%

The full report can be viewed online but may require free registration.

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