PROVIDENCE – The home price index in Rhode Island increased 4.9% year over year in November, the third-fastest rate of increase in New England, CoreLogic said on Tuesday.
The national HPI growth rate over the year in November was 3.7%. The company also forecasted a national growth of 5.3% from November 2019 to November 2020.
“The latest U.S. index shows that the slowdown in home prices we saw in early 2019 ended by late summer,” said Frank Nothaft, chief economist at CoreLogic. “Growth in the U.S. index quickened in November and posted the largest 12-month gain since February. The decline in mortgage rates, down more than 1 percentage point for fixed-rate loans from November 2018, has supported a rise in sales activity and home prices.”
Maine had the highest rate of increase in New England year over year in November, growing 8.6%. The second-highest rate of increase in HPI in the region was in New Hampshire, where HPI jumped 5.5%.
Behind Rhode Island at No. 3 was Vermont, where HPI increased 4.3% over the year. Fifth in the region was Massachusetts, where HPI increased 3.1%. Connecticut was the only state in the region with an HPI decline of 0.1%.
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