ECONOMIC INDICATORS

Home prices rise 3% in Providence metro in December

COURTESY CORELOGIC
SINGLE-FAMILY HOME PRICES rose 3 percent in the Providence-Fall River-New Bedford metro area and 2.9 percent statewide in Rhode Island from December 2011 to December 2012.
Posted 2/5/13

PROVIDENCE – Single-family home prices in the Providence-Fall River-New Bedford metro area rose 3 percent from December 2011 to December 2012, according to CoreLogic’s Home Price Index.

On a month-over-month basis, home prices, including distressed sales, rose 0.7 percent in December 2012 from November 2012.

Rising prices in distressed sales accounted for some of the increase. The Corelogic index showed that December home prices, excluding distressed sales, saw a 2.8 percent year-over-year increase.

On a month-over-month basis, home sales, excluding distressed sales, rose by 2.1 percent from November 2012 to December 2012.

Rhode Island’s single-family home prices, including foreclosures and short sales, increased 2.9 percent year-over-year in December. Excluding distressed sales, the Ocean State’s home prices rose by 2.2 percent from December 2011 to December 2012.

Statewide, Massachusetts saw prices, including distressed sales, rise 4.4 percent from December of 2011 for single-family homes. Excluding distressed sales, single-family home prices in the Bay State rose 5.5 percent.

Nationally, home prices, including distressed sales, rose 8.3 percent year over year in December. This represented an over-the-month increase of 0.9 percent from November 2012. Excluding distressed sales, national home prices rose 7.5 percent year over year in December.

“December marked 10 consecutive months of year-over-year home price improvements, and the strongest growth since the height of the last housing boom more than six years ago,” Mark Fleming, chief economist for CoreLogic, said in a statement. “We expect price growth to continue in January as our Pending HPI shows strong year-over-year appreciation.”

CoreLogic President and CEO Anand Nallathambi said that “all signals point to a continued improvement in the fundamentals underpinning the U.S. market recovery.”

Only four states reported over-the-year price declines for 2012, including distressed sales: Delaware (-3.4 percent), Illinois (-2.7 percent), New Jersey (-0.9 percent), Pennsylvania (-0.5 percent).

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