Home prices continue to fall in Providence metro area in Oct.

By PBN Staff
Twitter: @ProvBusNews

PROVIDENCE – Single-family home prices in the Providence-Fall River-New Bedford metro area dropped 0.3 percent in October compared with the same period in 2011, according to CoreLogic’s Home Price Index.

Steadily declining prices in the Providence area during the past year have been at least partially attributed to pressure from distressed sales. The CoreLogic index shows October home prices excluding foreclosures and short sales rose 0.1 percent year over year.

Not including data from Bristol County, Mass., year-over-year, single-family home prices in Rhode Island fell 0.6 percent in October, including distressed sales.

After two consecutive months seeing the largest year-over-year price drop in the country, Rhode Island home prices slid to the No. 3 slot behind New Jersey and Delaware, both at 2.7 percent. Rhode Island was one of only five states not to experience year-over-year price gains.

Excluding distressed sales, year-over-year, single-family home prices in the Ocean State rose 0.7 percent in October.

Statewide, Massachusetts saw prices rise 3.6 percent from October 2011 to October 2012 for single-family home prices including distressed sales. Excluding distressed sales, year-over-year, single-family home prices in the Bay State rose 4.7 percent.

Nationally, home prices, including distressed sales, rose 6.3 percent from October 2011 to October 2012, representing the largest increase since June 2006 and the eighth consecutive month of year-over-year home price increases in the country.