Black Knight: Home prices rise in Prov. metro in October

THE PROVIDENCE METRO area ranked 22nd among the 40 largest metros in the country for its over the year home price increase of 4.2 percent in October, according to Black Knight Financial Services. / COURTESY BLACK KNIGHT FINANCIAL SERVICES
THE PROVIDENCE METRO area ranked 22nd among the 40 largest metros in the country for its over the year home price increase of 4.2 percent in October, according to Black Knight Financial Services. / COURTESY BLACK KNIGHT FINANCIAL SERVICES

PROVIDENCE – Home prices in the Providence metropolitan area increased 4.2 percent over the year in October to $255,000, but are still far from the high of $310,000 reached in June 2006.
Black Knight Financial Services released home price data for October this week, showing that prices in the Providence metro are nearly 18 percent below the peak recorded a decade ago.
Still, October’s price is an 18.9 percent improvement from the trough, or the low, hit in January 2012. Prices then were $215,000 in the Providence metro.
In a rank of the 40 largest metros in the country, the Providence metro was 22nd for its over-the-year home price increase in October. San Jose, Calif., had the highest over-the-year increase at 12.5 percent, to $855,000, while St. Louis was the only metro to record a decline in October, at 4.7 percent, to $167,000 compared with $173,000 a year ago.
The Boston metropolitan area ranked 20th for its over-the-year home price increase of 5.1 percent in October to $407,000, Black Knight said.
Nationwide, Black Knight said home prices rose 5.5 percent in October from October 2014, and at $254,000, the national average home price is 5.3 percent off its June 2006 peak of $268,000. The national home price index is nearly 27 percent higher than the market’s bottom in January 2012.

No posts to display