By PBN Staff
By PBN Staff
PROVIDENCE – Single-family home prices in the Providence-Warwick metro area rose 4.9 percent in December compared with the same period last year, according to the CoreLogic Home Price Index report released Tuesday.
Despite the improvement in the metro area’s Home Price Index, the 4.9 percent increase followed a 6.8 percent year-over-year increase a month earlier in November.
In addition to reporting the metro area data, CoreLogic noted that the Home Price Index for Rhode Island also increased 4.9 percent year over year in December, down from a 7.8 percent gain in November.
Massachusetts saw a 9.5 percent year-over-year gain in December, matching the 9.5 percent increase reported the previous month. Nationwide, home prices increased 11 percent in December compared with December 2012, marking the 22nd consecutive monthly year-over-year increase in U.S. home prices.
“The healthy and broad-based gains in home prices in 2013 help set the stage for the continued recovery in the housing sector in 2014,” said Anand Nallathambi, president and CEO of CoreLogic. “After six years of fits and starts, we can now see a clearer path to a durable recovery in single-family residential housing across most of the United States.”
Nationally, home prices are now within 18 percent of the historical price peak in April 2006, but Rhode Island’s peak-to-current price gap remains one of the largest, with home prices 30.3 percent below 2006 peak levels.
In the Providence-Warwick metro area, home prices remain 29.8 percent below the peak as of December.