Metro-area home prices rise 6%, but R.I. remains below 2006 peak

SINGLE-FAMILY HOME PRICES rose 6 percent in the Providence-Warwick metro area in February compared with February 2013, after a 4.6 percent increase in January. Prices nationwide are now within 16.9 percent of 2006 peak prices, but Rhode Island's peak-to-current price gap remains one of the largest, with home prices 30.9 percent below 2006 peak levels, as shown above. / COURTESY CORELOGIC
SINGLE-FAMILY HOME PRICES rose 6 percent in the Providence-Warwick metro area in February compared with February 2013, after a 4.6 percent increase in January. Prices nationwide are now within 16.9 percent of 2006 peak prices, but Rhode Island's peak-to-current price gap remains one of the largest, with home prices 30.9 percent below 2006 peak levels, as shown above. / COURTESY CORELOGIC

PROVIDENCE – Single-family home prices in the Providence-Warwick metro area rose 6 percent in February compared with the same period last year, according to the CoreLogic Home Price Index report released Tuesday.

The 6 percent increase represented improvement over the 4.6 percent year-over-year increase reported a month earlier in January.

In addition to reporting the metro area data, CoreLogic noted that the Home Price Index for Rhode Island gained 6 percent year over year in February, up from a 4.7 percent increase in January. Massachusetts, however, saw a slowdown in home-price appreciation, reporting an 8.3 percent year-over-year gain in February compared with a 9.8 percent increase the previous month.

Nationwide, home prices increased 12.2 percent in February compared with February 2013.

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“February marks two straight years of year-over-year gains in national prices across the United States,” said Anand Nallathambi, president and CEO of CoreLogic. “The consistent upward movement in home prices should ultimately prove to be an important stimulant for higher levels of sustained market activity and growth in the housing economy.”

CoreLogic’s chief economist, Mark Fleming, noted that while prices should remain strong in the near-term due to a short supply of homes on the market, home-price appreciation is expected to moderate during the next year.

The five states with the highest home price appreciation in the 12 months through February were California with a 19.8 percent gain, Nevada with 18.5 percent, Georgia with 14.2 percent, Oregon with 13.8 percent and Michigan with 13.5 percent.

Nationally, home prices are now within 16.9 percent of the historical price peak in April 2006, CoreLogic reported, but Rhode Island’s peak-to-current price gap remains one of the largest, with home prices 30.9 percent below 2006 peak levels.

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