Black Knight: R.I. among top 10 states for HPI improvement

RHODE ISLAND was among the top states that saw the greatest month-over-month improvement in home prices in May at 1.6 percent, according to Black Knight Financial Services. / COURTESY BLACK KNIGHT FINANCIAL SERVICES
RHODE ISLAND was among the top states that saw the greatest month-over-month improvement in home prices in May at 1.6 percent, according to Black Knight Financial Services. / COURTESY BLACK KNIGHT FINANCIAL SERVICES

PROVIDENCE – Rhode Island was among the top 10 states for home price improvement in May with a 1.6 percent increase compared with April, according to Black Knight Financial Services’ home price index report.
New York had the greatest month-over-month improvement in home prices with a 1.8 percent increase.
Rhode Island was tied with Connecticut, New Hampshire, New Jersey and Vermont at 1.6 percent. Massachusetts and Pennsylvania were next with a 1.5 percent increase, and Oregon and Colorado rounded out the list at 1.4 percent.

Black Knight said U.S. home prices rose 1.1 percent from April to May, and 5.1 percent from May 2014 to May 2015.

It also said that at $251,000, the national HPI is 6.5 percent off its June 2006 peak of $268,000, and has risen more than 25 percent from the market’s bottom in January 2012.

Among the nation’s 40 largest metropolitan areas, the Providence-Warwick metropolitan area ranked 26th for its 3 percent year-over-year home price improvement to $251,000 in May. The price is still 18.8 percent off the peak price recorded in June 2006 of $310,000. Prices also have improved nearly 3 percent from the start of the year, when they were $244,000.

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San Jose, Calif., had the greatest improvement in home prices when comparing May with May 2014. Prices there increased nearly 14 percent to $854,000. Baltimore was the only metropolitan area to post a decrease in home prices over the year in May at 0.3 percent to $277,000.

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