Home prices rise; R.I. still well below its peak

PROVIDENCE – Single-family home prices increased 5.4 percent in May in Rhode Island compared with a year earlier, according to CoreLogic. The real estate data tracker on July 5 also reported that home prices, including distressed sales, increased 5 percent in the Providence-Fall River-Warwick metropolitan area over the year.

The increases fell short of the national home price index produced by CoreLogic, which showed a 5.9 percent increase from May 2015 to May 2016.

“The consistently solid growth in home prices has been driven by the highest resale activity in nine years and a still-tight housing inventory,” said Frank Nothaft, chief economist for CoreLogic.

Despite the increasing health of the local home market, Rhode Island remains one of five states still significantly below their peak prices. Single-family home prices in Nevada stand 32.7 percent less than their peak. Florida is next at 24.3 percent below peak, then Arizona (23.9 percent less), Rhode Island (22.4 percent less than peak, which was in June 2006), and Maryland (21.8 percent less). •

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