Black Knight: Home prices rise 3.7% in Providence area for April

PROVIDENCE METRO-AREA home prices increased 3.7 percent year over year and nine-tenths of a percent month over month in April, according to the Black Knight Home Price Index released Monday. / BLOOMBERG FILE PHOTO/JACOB KEPLER
PROVIDENCE METRO-AREA home prices increased 3.7 percent year over year and nine-tenths of a percent month over month in April, according to the Black Knight Home Price Index released Monday. / BLOOMBERG FILE PHOTO/JACOB KEPLER

PROVIDENCE – Home prices in the Providence metro area climbed 3.7 percent to $238,000 in April compared with $230,000 during the same period last year, Black Knight Financial Services reported Monday.

While the Black Knight Home Price Index for the region improved year over year, gains were less significant on a month-over-month basis. Home prices in Providence increased nine-tenths of a percent over the month ended in April, climbing slightly from the $236,000 reported in March.

The Providence metro area placed 22nd in a ranking of the metro areas nationwide with the largest increases in home prices between March and April. Austin, Texas, boasted the largest month-over-month increase in April at 1.8 percent.

In addition, the Black Knight index for Providence remained 22.7 percent below its peak level in June 2006, when the index hit $308,000.

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Nationally, the property price index climbed 6.4 percent year over year to $236,000 in April, and increased nine-tenths of a percent on a month-over-month basis from $234,000 in March. The U.S. home price index for April stands 12 percent short of the June 2006 peak level of $269,000, Black Knight said.

The Black Knight Home Price Index is compiled each month by Jacksonville, Fla.-based Black Knight Financial Services. The index combines property and loan data in a repeat sales analysis of home prices as of their transaction dates and covers about 89 percent of single-family residential properties in the United States.

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