CoreLogic: R.I. home prices increase 2.2% in April

RHODE ISLAND'S HOME prices are 28.2 percent off the peak recorded in October 2005, according to CoreLogic. / COURTESY CORELOGIC
RHODE ISLAND'S HOME prices are 28.2 percent off the peak recorded in October 2005, according to CoreLogic. / COURTESY CORELOGIC

PROVIDENCE – Rhode Island ranked 40th among the states and the District of Columbia for its year-over-year single-family home price increase of 2.2 percent in April, according to data released Tuesday by CoreLogic.

That includes distressed sales, which are short sales and real estate-owned transactions.

Excluding distressed sales, Rhode Island home prices increased 3.3 percent.

In the Providence-Warwick metropolitan area, the home price increase was similar at 2.1 percent in April compared with April 2014, including distressed sales.
Excluding distressed sales, year-over-year prices increased by 3.4 percent in April compared with April 2014 in the Providence metro.

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Home price increases in Rhode Island and the Providence metro trail the national average. Home prices nationally grew 6.8 percent year over year in April, marking the 38th consecutive month of year-over-year price gains.

South Carolina had the greatest home price appreciation at 11.4 percent, followed by Colorado at 9.7 percent; Washington, 9.1 percent; Florida, 9 percent; and Texas, 8.3 percent.
Including distressed sales, four states experienced year-over-year home price depreciation in April: Massachusetts (-1.7 percent), Louisiana (-1.5 percent), Connecticut (-1.1 percent) and Maryland (-0.7 percent).

Nationwide, home prices remain 9 percent below the April 2006 peak. In Rhode Island, home prices are 28.2 percent below the peak price recorded in October 2005.

That puts the Ocean State among the five states with home prices furthest from their peak values. Nevada had the greatest difference at 33.9 percent lower, followed by Florida (-29.3 percent), Rhode Island (-28.2 percent), Arizona (-26.2 percent) and Connecticut (-24.8 percent).

“Old fashion supply and demand, fueled by historically low mortgage rates and improving consumer finances and confidence, continue to push home prices up,” Anand Nallathambi, president and CEO of CoreLogic, said in a statement. “We expect continued price appreciation throughout 2015 and into next year. Over the longer term, household formation, up by more than 1 million over the past year alone, will drive down vacancy rates and create tighter housing markets in many metropolitan areas. This should provide the necessary underpinning for rising prices for the foreseeable future.”

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