PROVIDENCE – The Rhode Island home price index increased 5.8% year over year in June, CoreLogic said on Tuesday.
The national HPI increased 4.9% from one year prior for the month.
“Mortgage rates hit record lows this spring, which enhanced affordability for homebuyers,” said Frank Nothaft, chief economist at CoreLogic. “First-time buyers, and millennials in particular, have jumped at the opportunity to achieve homeownership.”
Massachusetts HPI increased 5.8% year over year. The largest rise in HPI year over year in June was in Idaho, where prices increased 10.5%.
“Home price appreciation continues at a solid pace reflecting fundamental strength in demand drivers and limited for-sale inventory,” said Frank Martell, CEO and president of CoreLogic. “As we move forward, we expect these price increases to moderate over the next 12 months. Given the economic outlook, housing remains a bright spot for the foreseeable future.”
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