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

NATIONALLY, HOME prices, including distressed sales, rose 6.4 percent in September compared with September 2014. / COURTESY CORELOGIC
NATIONALLY, HOME prices, including distressed sales, rose 6.4 percent in September compared with September 2014. / COURTESY CORELOGIC

PROVIDENCE – Home prices, including distressed sales, climbed 5.7 percent year over year in September in the Providence-Warwick metropolitan area, CoreLogic said Tuesday.
Nationally, home prices, also including distressed sales, were higher during the same period, rising 6.4 percent. Distressed sales are real estate-owned and short sales.
Home prices for Rhode Island in its entirety posted a year-on-year increase of 6.5 percent in September, slightly greater than the national gain, CoreLogic said.
Colorado had the highest increases in home prices year over year at 10.4 percent. Mississippi had the largest decline at 0.9 percent.
CoreLogic said that home prices nationwide are projected to increase 4.7 percent from September 2015 to September 2016.
“After nearly 10 years of very high home price volatility, home price increases have been remarkably stable for the last 15 months, ranging between a 4.8 percent and 6.5 percent year-over-year increase,” Sam Khater, deputy chief economist for CoreLogic, said in a statement. “Home price volatility is now back to the long-term trend prior to the boom and bust which is a good barometer of the market’s stability and health.”
Said Anand Nallathambi, president and CEO of CoreLogic, “The continued growth in home prices is welcome news for many homeowners but more markets are becoming overvalued. In the near term, this trend is likely to continue and pose evaluated risks to the housing economy.”

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