Home prices rise in Prov. metro, R.I.

CORELOGIC SAID home prices increased over the year in the Providence-Warwick-Fall River metropolitan area and in Rhode Island, but still lagged the national home price increase. / COURTESY CORELOGIC
CORELOGIC SAID home prices increased over the year in the Providence-Warwick-Fall River metropolitan area and in Rhode Island, but still lagged the national home price increase. / COURTESY CORELOGIC

PROVIDENCE – Home prices in the Providence-Warwick-Fall River metropolitan area and in the Ocean State increased 4.4 percent and 5 percent, respectively, over the year in April, CoreLogic reported Tuesday.
While prices increased locally, they still lag the nation, which saw home prices rise 6.2 percent over the year in April.
“Low mortgage rates and a lean for-sale inventory have resulted in solid home-price growth in most markets,” Frank Nothaft, chief economist for CoreLogic, said in a statement. “An expected gradual rise in interest rates and more homes offered for sale are expected to moderate appreciation in the coming year.”

Anand Nallathambi, president and CEO of CoreLogic, said the appreciation in home prices over the past year reflects the pace of the recovery in housing in most states and regions in the U.S.
“The rate recovery does vary somewhat based on local conditions. Price increases in a significant number of states in the Northeast and Mid-Atlantic regions lagged the national average with Connecticut, Maryland, Pennsylvania, West Virginia, New Jersey and Vermont registering gains of 1 percent or less over the past year,” Nallathambi said.
CoreLogic expects that home prices will increase by 5.3 percent on a year-over-year basis from April 2016 to April 2017.

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