economic indicators

Home prices rise 1% in the Prov. metro area in Feb.

HOME PRICES IN THE Providence-Fall River-New Bedford area rose 1 percent year over year in February, CoreLogic said Wednesday.
Posted 4/3/13

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

Excluding distressed sales, the Corelogic index showed a 3.1 percent year-over-year increase in the metro area in February.

Rhode Island’s single-family home prices, including foreclosures and short sales, increased 0.1 percent year over year in February. Excluding distressed sales, the Ocean State’s home prices rose by 1.9 percent from February 2012 to February 2013.

Statewide, Massachusetts saw prices, including distressed sales, rise 6.7 percent from February of 2012 for single-family homes. Excluding distressed sales, single-family home prices in the Bay State rose 8.2 percent year-over-year.

Nationally, home prices, including distressed sales, rose 10.2 percent year over year in January. Excluding distressed sales, national home prices rose 10.1 percent year over year in January.

Including distressed sales, only three states reported over-the-year price declines in February: Illinois (-1 percent), Alabama (-1.5 percent) and Delaware (-4.4 percent). Excluding distressed sales, only Delaware reported year-over-year home depreciation in February, with prices dropping 1.9 percent.

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 36.4 percent lower than they were at the state’s peak price. The other four states were: Nevada (-50.8 percent), Florida (-43.3 percent), Michigan (-39 percent) and Arizona (-38.5 percent).

“Home prices continued their march upward in February,” Anand Nallathambi, president and CEO of CoreLogic, said in a statement. “Nationally, home prices improved at the best rate since mid-2006, marking a full year of annual increases and underscoring the ongoing strengthening of market fundamentals. Continued home price appreciation will provide fuel needed to drive further recovery in the home purchase market.”

The national rebound price was heavily driven by western states. Eight of the country’s top ten highest appreciating markets were in California, with Phoenix and Las Vegas completing the list.

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