Prov.-Warwick metro reports 4.4% home price jump over the year in May

HOME PRICES in the Providence-Warwick-Fall River metropolitan area rose 4.4 percent over the year in May, to $262,000, according to Black Knight Financial Services. / COURTESY BLACK KNIGHT FINANCIAL SERVICES
HOME PRICES in the Providence-Warwick-Fall River metropolitan area rose 4.4 percent over the year in May, to $262,000, according to Black Knight Financial Services. / COURTESY BLACK KNIGHT FINANCIAL SERVICES

PROVIDENCE – The Providence-Warwick-Fall River metropolitan area ranked 13th lowest among the 40 largest metropolitan areas in the country for its 4.4 percent home price growth over the year in May, Black Knight Financial Services said Monday.
The Black Knight home price index in the Providence metro reached $262,000 in May, compared with $251,000 in May 2015. It also rose 1.1 percent from April, when it was $259,000.
Prices are still far from the peak recorded in June 2006 when the the HPI reached $310,000, which is 15.5 percent higher than May’s average price.
Prices in the Providence metro have improved from the market bottom hit in January 2012. Then, prices dropped to $213,000, which is 22.9 percent lower than May’s average price, Black Knight said.
Among the large metros, Portland, Ore., had the greatest home price growth over the year at 13.2 percent, to $352,000. St. Louis was the only large metro to report a decline – prices there dropped 4.3 percent to $159,000.

Other highlights from Black Knight’s May home price report:

  • U.S. home prices gained 5.4 percent over the year in May
  • At $263,000, the average U.S. home price has increased nearly 32 percent from the market’s bottom and is now just 1.8 percent off its June 2006 peak

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