CoreLogic: Home prices rise 1.6% in Providence-Warwick area in November

CORELOGIC reported that home prices nationally increased 5.5 percent year over year in November, and that prices in Rhode Island increased 2.2 percent during that same period. The figures include distressed sales, which are short sales and real estate owned transactions. In the Providence-Warwick area, prices rose 1.6 percent in November, year over year. / COURTESY CORELOGIC
CORELOGIC reported that home prices nationally increased 5.5 percent year over year in November, and that prices in Rhode Island increased 2.2 percent during that same period. The figures include distressed sales, which are short sales and real estate owned transactions. In the Providence-Warwick area, prices rose 1.6 percent in November, year over year. / COURTESY CORELOGIC

PROVIDENCE – Home prices in the Providence-Warwick area, including distressed sales, increased 1.6 percent in November compared with the prior-year period, according to data released by CoreLogic on Tuesday.
Excluding distressed sales, which are short sales and real estate-owned transactions, year-over-year prices increased 2.2 percent in November, compared with November 2013.
In addition to reporting the metro area data, CoreLogic said Rhode Island’s home prices, including distressed sales, increased 2.2 percent in November when compared with the prior-year period.

However, home prices nationwide, including distressed sales, increased 5.5 percent year-over-year in November, representing 33 months of consecutive year-over-year increases in home prices nationally. CoreLogic also said that at the state level, including distressed sales, all states, including the District of Columbia, showed year-over-year home price appreciation in November.

Michigan had the highest home price appreciation at 9 percent, while Maryland had the lowest at 0.1 percent.
Rhode Island also ranked among the top five states that experienced the greatest peak-to-current home price declines, at 29.1 percent. Other states in this category were Nevada, with a 35.7 percent decline; Florida (-33.4 percent); Arizona (-29.3 percent); and Connecticut (-23.2 percent).

Looking ahead, the CoreLogic home price index forecast indicates that nationally, home prices, including distressed sales, are expected to increase year-over-year by 4.6 percent from November 2014 to November 2015, and dip month-over-month by 0.1 percent from November 2014 to December 2014.
“The pace of home price gains have slowed as we exit 2014 but this is probably only a temporary lull,” Anand Nallathambi, president and CEO of CoreLogic, said in a statement. “While the CoreLogic HPI Forecast shows a slight dip in prices next month, we believe that prices will be up a year from now as continued economic growth fuels buyer confidence and their willingness to purchase a home and invest in their future.”

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