PROVIDENCE – The home price index in Rhode Island increased 7.1% year over year in April, the fastest growth rate in New England, CoreLogic said on Tuesday.
The growth in the Ocean State also outpaced the United States HPI increase of 5.4% year over year.
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“The very low inventory of homes for sale, coupled with homebuyers’ spur of record-low mortgage rates, will likely continue to support home price growth during the spring,” said Frank Nothaft, chief economist at CoreLogic. “If unemployment remains elevated in early 2021, then we can expect home prices to soften. Our forecast has home prices down in 12 months across 41 states.”
Idaho had the largest year over year growth in April, rising 12% in that time.
Other New England HPI changes year over year in April:
- Connecticut: 2.9% growth
- Maine: 4.4% growth
- Massachusetts: 4.2% growth
- New Hampshire: 5.8% growth
- Vermont: 4.9% growth
In the Providence metropolitan area, HPI increased 6.2% over the year, CoreLogic said. Month to month, HPI increased 0.3% in the area.
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