ECONOMIC INDICATORS

Home prices drop in Providence metro in November

COURTESY CORELOGIC
SINGLE-FAMILY HOME PRICES dropped 0.3 percent in the Providence-Fall River-New Bedford area in November, according to real estate data firm CoreLogic.
Posted 1/15/13

PROVIDENCE – Single-family home prices in the Providence-Fall River-New Bedford metro area dropped 0.3 percent in November 2012 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, or home transactions sold urgently and sometimes at a loss. The CoreLogic index shows November home prices, excluding distressed sales, rose 0.2 percent year over last year, showing a slight increase in non-foreclosure or short sale closings compared to 2011.

Rhode Island home price deprecation, including foreclosures and short sales, ranked fifth worst in the nation, behind New Jersey (-0.5 percent), Connecticut (-0.5 percent), Illinois (-2.2 percent) and Delaware (-4.9 percent).

Rhode Island was one of six states indexed that experiences no year-over-year gains in home prices.

Statewide, Massachusetts saw prices rise 4.6 percent from November of 2011 for single-family home prices including distressed sales. Excluding distressed sales, single-family home prices in the Bay State rose 4 percent.

Nationally, home prices, including distressed sales, rose 7.4 percent from year over year in November. This represented an over-the-month increase of 0.3 percent from October 2012. Excluding distressed sales, CoreLogic also predicts a year-over-year increase of 8.4 percent in December.

Given a predicated stability in available credit, CoreLogic Chief Economicist Mark Fleming said that 2012 gains will likely continue into through 2013.

“For the first time in almost six years, most U.S. markets experienced sustained increases in home prices in 2012,” Anand Nallathambi, president and CEO of CoreLogic, said in prepared remarks. “We still have a long way to go to return to 2005-2006 levels, but all signals currently point to a progressive stabilization of the housing market and the positive trend in home price appreciation to continue into 2013.”

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