PROVIDENCE – The home price index in Rhode Island in March increased 6.5% year over year, the most growth in New England, CoreLogic said on Tuesday.
The national HPI increased 4.5% year over year at that time.
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Rhode Island’s HPI rate of increase ranked seventh highest in the nation.
The states with the highest increases year over year were Idaho, 11.7%, Arizona, 8.2% and New Mexico, 7.6%.
The increases seen in HPI around the country were said to have been due to deals and terms negotiated prior to the mass shutdowns of local economies due to COVID-19.
“Home prices for March reflect transactions negotiated primarily in the previous two months, prior to the implementation of the shelter-in-place policies. Rapid decline of purchase activity starting in the middle of March can be seen in other CoreLogic data and is consistent with our HPI forecast of slowing price growth in April,” said Frank Nothaft, chief economist at CoreLogic. “The first quarter GDP results showed that the country entered a recession in March. Unemployment claims have reached record highs and this economic environment will further impact the housing market into the foreseeable future.”
Other New England HPI increases in March:
- Connecticut: Increased 1.1% year over year
- Maine: Increased 4.6% year over year
- Massachusetts: Increased 4% year over year
- New Hampshire: Increased 4.6% year over year
- Vermont: Increased 3.9% year over year
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