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 Tuesday.
New England HPI growth:
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- Rhode Island: 6.1 percent
- New Hampshire: 5.4 percent
- Massachusetts: 4.1 percent
- Maine: 4 percent
- Vermont: 3 percent
- Connecticut: 2.3 percent
The fastest HPI growth in the nation was in Idaho, where the HPI increased 11.2 percent year over year in January. Rhode Island had the sixth-highest year-over-year HPI increase in the nation for the month.
CoreLogic noted that national year-over-year HPI growth recently peaked at 6.6 percent in April 2018 and has slowed down since. Month to month, national HPI growth slowed to 0.1 percent.
“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. “Fixed-rate mortgage rates have dropped 0.6 percentage points since November 2018 and today are lower than they were a year ago. With interest rates at this level, we expect a solid home-buying season this spring.”
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.
The full report may be viewed online, but requires free registration.
Chris Bergenheim is the PBN web editor. Email him at Bergenheim@PBN.com.
