Home prices rise in Nov. in Prov. metro

PROVIDENCE – Home prices in the Providence-Warwick-Fall River metropolitan area and in Rhode Island rose 6.5 percent and 6.7 percent, respectively, in November compared with the same month in 2015, CoreLogic said.

Data includes distressed sales, which are real estate-owned or short sales.

Home-price increases in the Providence metro and Rhode Island lagged the year-over-year nationwide home-price increase in November of 7.1 percent.

“Last summer’s very low mortgage rates sparked demand, and with for-sale inventories low, the result has been a pickup in home-price growth,” Frank Nothaft, chief economist for CoreLogic, said in a Jan. 3 statement. “With mortgage rates higher today and expected to rise even further in 2017, our national Home Price Index is expected to slow to 4.7 percent year over year by November 2017.” •

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