R.I. posts highest HPI growth in N.E. in Jan.

PROVIDENCE – The home-price index in Rhode Island increased 6.1 percent year over year in January, the highest growth rate in New England and 1.7 percentage points faster than the national HPI growth of 4.4 percent, according to CoreLogic.

Rhode Island had the sixth-highest year-over-year HPI increase in the nation for the month at 6.1 percent. For the rest of New England, New Hampshire was 5.4 percent; Massachusetts, 4.1 percent; Maine, 4 percent; Vermont, 3 percent; and Connecticut, 2.3 percent.

CoreLogic on March 5 noted that national year-over-year HPI growth recently peaked at 6.6 percent in April 2018 and has slowed since.

“The spike in mortgage interest rates last fall chilled buyer activity and led to a slowdown in home sales and price growth,” stated Frank Nothaft, chief economist for CoreLogic.

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In the Providence-Warwick-Fall River metropolitan area, HPI increased 5.7 percent in January over the year. Month to month, HPI declined 0.1 percent.