CoreLogic: R.I. HPI 29% off peak in March

RHODE ISLAND'S average home price in March was 29 percent less than its peak price recorded in October 2005, according to CoreLogic. / COURTESY CORELOGIC
RHODE ISLAND'S average home price in March was 29 percent less than its peak price recorded in October 2005, according to CoreLogic. / COURTESY CORELOGIC

PROVIDENCE – Rhode Island’s average home price in March was 29 percent less than it was at the peak recorded in October 2005, according to CoreLogic.
That landed the Ocean State among the top five states with the greatest differences between average home prices in March and peak prices, a distinction shared with Nevada, which has experienced a 34.7 percent fall; Florida, a 31.5 percent drop; Arizona, a 27.4 percent decrease; and Connecticut, a 25.5 percent decline.

Those figures include distressed sales, which are short sales and real estate-owned transactions. Excluding distressed sales, Rhode Island’s average home price is 25.1 percent off of its peak.
Year over year, Rhode Island’s home price index increased 1.2 percent, including distressed sales. Nationally, HPI increased 5.9 percent year over year.
Excluding distressed sales, Rhode Island’s HPI increased six-tenths of a percentage point, while the national rate increased 6.1 percent during the same year-over-year period.
Frank Nothaft, chief economist at CoreLogic, said that the inventory for homes continues to be limited while buyer demand has picked up with low mortgage rates and improving consumer confidence.
“As a result, there has been continued upward pressure on prices in most markets, with our national monthly index up 2 percent for March 2015 and up approximately 6 percent from a year ago,” he said.
National home prices are expected to rise 5.1 percent from March to March 2016.

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