Report: HPI growth in R.I. 8.7 percent in March

THE RHODE ISLAND home-price index increased 8.7 percent year over year in March. / BLOOMBERG FILE PHOTO/DERICK E. HINGLE
THE RHODE ISLAND home-price index increased 8.7 percent year over year in March. / BLOOMBERG FILE PHOTO/DERICK E. HINGLE

PROVIDENCE – The home-price index for a single-family home in Rhode Island increased 8.7 percent year over year in March, according to CoreLogic Tuesday.

The national average year-over-year HPI growth in the United States was 7 percent, as national inventory declines. Massachusetts HPI rose 6 percent year over year in March.

“Home prices grew briskly in the first quarter of 2018,” said Frank Nothaft, chief economist at Corelogic, in a statement. “High demand and limited supply have pushed home prices above where they were in early 2006. New construction still lags historically normal levels, keeping upward pressure on prices.”

All 50 U.S. states had a year-over-year increase in HPI in March.

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In the Providence-Warwick-Fall River metropolitan area, HPI increased 7.3 percent year over year, according to the report. Excluding distressed sales, HPI rose 6.5 percent year over year. Month over month, HPI grew 0.1 percent.

“The dream of homeownership continues to fade away for the average prospective buyer,” said Frank Martell, president and CEO of CoreLogic, in a statement. “Lower-priced homes are appreciating much faster than higher-priced properties, making the affordability crisis progressively worse.”

Chris Bergenheim is the PBN web editor.

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