Home prices continue to rise in Providence metro in April
SINGLE-FAMILY HOME PRICES, both including and excluding distressed sales, continued to rise in April in the Providence metropolitan area, Rhode Island, Massachusetts and in the United States as a whole, according to CoreLogic's Home Price Index.
PROVIDENCE – Single-family home prices in the Providence-Fall River-New Bedford metro area rose 1.7 percent from April 2012 to April 2013, according to CoreLogic’s Home Price Index, released Tuesday.
Excluding distressed sales, the Corelogic index showed a 3.4 percent year-over-year increase in the metro area in April.
Rhode Island’s single-family home prices, including foreclosures and short sales, increased 2.4 percent year over year in April. Excluding distressed sales, the Ocean State’s home prices rose 3.8 percent from April 2012 to April 2013.
Statewide, Massachusetts saw prices in April, including distressed sales, jump 8.6 percent from April 2012 for single-family homes. Excluding distressed sales, single-family home prices in the Bay State rose 8.1 percent year-over-year.
Nationally, home prices, including distressed sales, rose 12.1 percent year over year in April. Excluding distressed sales, national home prices rose 11.9 percent during the same 12-month period.
Including distressed sales, only two states reported over-the-year price declines in April: Mississippi (-1.7 percent) and Alabama (-1.6 percent). Excluding distressed sales, every state posted positive year-over-year price changes in April.
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 34.7 percent lower than they were at the state’s peak price. The other four states were: Nevada (-47.3 percent), Florida (-40.5 percent), Michigan (-36.1 percent) and Arizona (-36 percent).
“The pace of the housing market recovery quickened in April as home prices rose across the U.S.,” Anand Nallathambi, president and CEO of CoreLogic, said in prepared remarks. “For the second consecutive month, all 50 states registered year-over-year home price gains excluding sales of distressed homes. We expect this trend to continue, bolstered by tight supplies and pent-up buyer demand.”