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economic indicators

Home price index continues to rise in Prov. metro in March

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PROVIDENCE – Single-family home prices in the Providence-Fall River-New Bedford metro area rose 1 percent from March 2012 to March 2013, according to CoreLogic’s Home Price Index.

Excluding distressed sales, the Corelogic index showed a 4.2 percent year-over-year increase in the metro area in March.

Rhode Island’s single-family home prices, including foreclosures and short sales, increased 1.6 percent year over year in March. Excluding distressed sales, the Ocean State’s home prices rose by 3.2 percent from March 2012 to March 2013.

Statewide, Massachusetts saw prices, including distressed sales, jump 10.4 percent from March 2012 for single-family homes. Excluding distressed sales, single-family home prices in the Bay State rose 10.3 percent year-over-year.

Nationally, home prices, including distressed sales, rose 10.5 percent year over year in March. Excluding distressed sales, national home prices rose 10.7 percent year over year in March.

Including distressed sales, only four states reported over-the-year price declines in March: West Virginia (-0.3 percent), Illinois (-1.8 percent), Alabama (-3.1 percent) and Delaware (-3.7 percent). Excluding distressed sales, every state posted positive year-over-year price changes in March.

CoreLogic listed Rhode Island as one of the five states with the largest “peak-to-current declines,” including distressed sales. Rhode Island’s home prices are 36.2 percent lower than they were at the state’s peak price. The other four states were: Nevada (-49.2 percent), Florida (-42.8 percent), Michigan (-38.9 percent) and Arizona (-37.8 percent).

“Home prices continue to rise at a double-digit rate in March, led by strong gains in the western region of the U.S. Looking ahead, the CoreLogic pending index for April indicates that upward price appreciation will continue,” Anand Nallathambi, president and CEO of CoreLogic, said in prepared remarks. “Much of the price increases we are seeing are the result of rising demand among investors and homebuyers for a still-limited supply of homes for sale.”

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