Home prices rise 2.3% in Prov.-Warwick metro in December

CORELOGIC RELEASED DATA showing that home prices, including distressed sales, increased 2.3 percent in December in the Providence-Warwick metropolitan area compared with December 2013. Data also showed that Rhode Island still has one of the largest peak price to current declines, at 29.1 percent.  / COURTESY CORELOGIC
CORELOGIC RELEASED DATA showing that home prices, including distressed sales, increased 2.3 percent in December in the Providence-Warwick metropolitan area compared with December 2013. Data also showed that Rhode Island still has one of the largest peak price to current declines, at 29.1 percent. / COURTESY CORELOGIC

PROVIDENCE – Home prices, including distressed sales, increased 2.3 percent in December in the Providence-Warwick metropolitan area compared with December 2013, according to data firm CoreLogic.

Home prices were unchanged from November to December, CoreLogic said.

Excluding distressed sales, which are short sales and real estate-owned transactions, year-over-year prices increased 3.3 percent in December. And, month-over month, home prices rose 0.8 percent in December compared with November, when excluding distressed sales, CoreLogic said.

Rhode Island, as a whole, posted similar increases, with a 3 percent increase in home prices over the 12-month period (including distressed sales) and a 3.5 percent increase when excluding distressed sales.

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CoreLogic said that home prices nationwide, including distressed sales, increased 5 percent in December compared with December 2013, a change which signifies 34 months of consecutive year-over-year increases in home prices nationally.

Excluding distressed sales, home prices rose 4.9 percent in December.

Sam Khater, deputy chief economist at CoreLogic, said that home prices increased 7.4 percent for the full year of 2014, a drop from an 11.1 percent increase in 2013.

“Nationally, home price growth moderated and stabilized at 5 percent the last four months of the year. The moderation can be clearly seen at the state level, with Colorado, Texas and New York at the high end of appreciation, ending the year with increases of about 8 percent. This contrasts with previous appreciation rates in the double digits – for instance, Nevada and California which experienced increases of more than 20 percent earlier in 2014,” he said in a statement.

Colorado’s home prices increased 8.4 percent; Texas, 7.8 percent; New York, 7.6 percent; Nevada, 7.3 percent; and Michigan, 7.2 percent.

Said Anand Nallathambi, president and CEO of CoreLogic, “Nationally, home price appreciation took a pause in November and December 2014 and we expect a slow start to 2015. As the year progresses, we expect upward pressure as low inventories and more first-time buyers drive up home prices.”
Looking ahead, CoreLogic is predicting that home prices, including distressed sales, will rise 4.8 percent in December 2015.

The Ocean State was among the top five states with the largest peak price to current declines at a 29.1 percent drop.
Other states in the same category were Nevada (-36 percent), Florida (-33.5 percent), Arizona (-29.5 percent) and Connecticut (-25.2 percent).

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