CoreLogic: Prov.-Warwick home prices increase 1.6% in February

RHODE ISLAND was among five states with the greatest peak-to-current declines, including distressed sales, at 29.6 percent, according to data released Tuesday by CoreLogic. / COURTESY CORELOGIC
RHODE ISLAND was among five states with the greatest peak-to-current declines, including distressed sales, at 29.6 percent, according to data released Tuesday by CoreLogic. / COURTESY CORELOGIC

PROVIDENCE – Home prices in the Providence-Warwick metropolitan area increased 1.6 percent in February compared with February 2014, according to data released Tuesday by CoreLogic.
That number includes distressed sales, which are short sales and real estate-owned transactions. Excluding distressed sales, year-over-year prices increased by almost the same amount – 1.4 percent – in February, CoreLogic said.
Rhode Island ranked 47th among the states and the District of Columbia for its 1.2 percent increase in home prices in February compared with February 2014. Colorado ranked first for a nearly 10 percent home price increase, and Connecticut ranked last, for a 0.9 percent decline. Connecticut was the only state to experience a home price decline.
Nationally, home prices, including distressed sales, rose 5.6 percent in February compared with February 2014, marking three years of consecutive year-over-year increases.
Excluding distressed sales, home prices nationwide increased 5.8 percent in February compared with the prior-year period. All states and the District of Columbia showed year-over-year home price appreciation in February when distressed sales are excluded, CoreLogic said.

“This is the hottest home price appreciation prior to the spring selling season in nine years,” Anand Nallathambi, president and CEO of CoreLogic, said in a statement. “Assuming a benign interest rate environment and continued strong consumer confidence, we expect home prices to rise by an additional 5 percent over the next 12 months.”

Frank Nothaft, chief economist for CoreLogic, said that since the second half of 2014, the “dwindling supply of affordable inventory has led to stabilization in home price growth with a particular uptick in low-end home price growth over the last few months.” Year over year, low-end home prices increased 9.3 percent compared with 4.8 percent for high-end home prices, he said.

Rhode Island was among five states with the greatest peak-to-current declines, including short sales and real estate-owned transactions, at 29.6 percent. Nevada had the largest decline at 35.4 percent, followed by Florida at 32.4 percent, Rhode Island, Arizona at 28.4 percent and Connecticut, 24.7 percent.

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