PROVIDENCE – Rhode Island ranked No. 1 in the nation for monthly home price index percent increase, with home prices rising by 1.7 percent from April to May, according to a report from Black Knight Financial Services, a data analytics firm, Monday.
HPI in Rhode Island also increased 6.6 percent year over year in May.
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In the Providence metro area, home price index recorded a month-over-month gain of 1.5 percent and a year-over-year gain of 5.9 percent.
Black Knight reported that the average price of United States homes continued to rise, increasing 1.1 percent in May. National home prices in May were 6.1 percent higher than the same time last year. Additionally, May marked 61 consecutive months of home price appreciation nationwide. This appreciation was true for every U.S. state and 40 of its largest metro areas.
In Massachusetts, HPI increased 1 percent in May to a peak of $392,000.
After Rhode Island, the top five states for monthly HPI gains included Utah, Idaho, Montana and Washington with monthly gains of 1.6 percent each.
All 50 states recorded monthly gains in Black Knight’s most recent HPI report, though West Virginia, the lowest ranked state, recorded a gain of only 0.1 percent.
Spokane, WA and Carson City, NV led metro areas with monthly gains of 1.9 percent. All metro areas recorded a monthly gain of at least 0.1 percent except for Tuscaloosa, AL which recorded a monthly loss in average home price of 6.1 percent.
The firm’s home price index report was compiled using sales data from the country’s largest public records data set to produce an evaluation including almost 90 percent of the nation’s residential properties.
Kyle Borowski is a PBN contributing writer.
