CoreLogic: Home prices rise in October in Prov. metro, R.I.

HOME PRICES climbed 5.9 percent over the year in October both in the Providence-Warwick metropolitan area and in Rhode Island, according to CoreLogic. / COURTESY CORELOGIC
HOME PRICES climbed 5.9 percent over the year in October both in the Providence-Warwick metropolitan area and in Rhode Island, according to CoreLogic. / COURTESY CORELOGIC

PROVIDENCE – Following a national trend, home prices climbed 5.9 percent over the year in October both in the Providence-Warwick metropolitan area and in Rhode Island.
CoreLogic released home price data on Tuesday, reporting that nationwide, home prices rose 6.8 percent in October when compared with October 2014. The property information provider said that home prices are projected to increase another 5.2 percent by next October.
“Many markets have experienced a low inventory of homes for sale along with strong buyer demand, which is sustaining upward pressure on home prices. These conditions are likely to persist as we enter 2016,” Frank Nothaft, chief economist for CoreLogic, said in a statement.
Anand Nallathambi, president and CEO of CoreLogic, said that the rise in home prices has “largely been a healthy trend.”
“As we move forward, the rise in home prices will need to be better correlated to family income trends over time to avoid homes becoming unaffordable for many. This is especially true in several metropolitan areas where home prices have grown rapidly,” Nallathambi said.
The home price data includes distressed sales, also known as real estate-owned and short sales.
Rhode Island led the New England states with its 5.9 percent home price increase in October compared with October 2014. New Hampshire was next with a 4.8 percent increase, followed by Massachusetts at 3.8 percent, Vermont at 2.7 percent, Maine at 1.9 percent and Connecticut at 1.6 percent. Nationwide, Colorado had the largest year-over-year gain in October at 10.5 percent, and Mississippi had the greatest drop at 1.7 percent, CoreLogic said.

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