CoreLogic: R.I. home prices increase in October

CORELOGIC SAID THAT home prices in the Providence-Warwick area increased by 2.1 percent from October 2013 to October 2014, and that home prices statewide increased 2.5 percent during that same time period. / COURTESY CORELOGIC
CORELOGIC SAID THAT home prices in the Providence-Warwick area increased by 2.1 percent from October 2013 to October 2014, and that home prices statewide increased 2.5 percent during that same time period. / COURTESY CORELOGIC

PROVIDENCE – Home prices in the Providence-Warwick metro area increased 2.1 percent from October 2013 to October 2014, and increased 2.5 percent statewide during that same time period, according to data firm CoreLogic’s Home Price Index.
On a month-over-month basis, home prices in the Providence-Warwick area decreased by 0.2 percent in October, compared with September’s numbers.

The home price data takes into account distressed sales, which include short sales and real estate-owned transactions.

Rhode Island also was among the five states with the largest peak-to-current declines, including distressed sales. The states were Nevada (-36.1 percent), Florida (-33.5 percent), Arizona (-29.0 percent), Rhode Island (-28.3 percent) and Maryland (-21.9 percent).
Home prices in Rhode Island are not rising as fast as they are elsewhere in the country.
Nationwide, home prices, including distressed sales, jumped 6.1 percent in October from a year ago, and also rose 0.5 percent in October from September.
All states showed year-over-year home price appreciation in October, with HPI reaching new highs in nine states: Colorado, Louisiana, Nebraska, New York, North Dakota, South Dakota, Tennessee, Texas and Wyoming.
Excluding distressed sales, home prices nationally rose 5.6 percent in October compared with October 2013, and 0.6 percent month-over-month from September to October.
CoreLogic said that home prices, including distressed sales, are projected to increase 0.2 percent month-over-month from October to November.
“Home price growth is moderating as we head into the late fall and is currently running at half the pace it was in the spring of 2014,” Sam Khater, deputy chief economist at CoreLogic, said in a statement. “However, there are still pockets of strength, especially in several Texas markets, as well as Seattle, Denver and other markets with strong economic fundamentals.”
Said Anand Nallathambi, president and CEO of CoreLogic, “The gradual recovery of the housing market continues to be propelled by improving employment, more buyer and seller confidence, continued low rates and, in certain parts of the country, investor demand. The continued actual and projected rise in home prices confirms that fact. Based on our projections, home prices in over half the country will have reached or surpassed levels last seen at the height of the housing bubble sometime in mid-2015.”

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