Prov. metro home prices jump 5.8% in October

BLACK KNIGHT FINANCIAL SERVICES said the Providence-Warwick-Fall River metropolitan area saw home prices increase nearly 6 percent over the year in October, to $269,000. / COURTESY BLACK KNIGHT FINANCIAL SERVICES
BLACK KNIGHT FINANCIAL SERVICES said the Providence-Warwick-Fall River metropolitan area saw home prices increase nearly 6 percent over the year in October, to $269,000. / COURTESY BLACK KNIGHT FINANCIAL SERVICES

PROVIDENCE – Home prices in the Providence-Warwick-Fall River metropolitan area rose 5.8 percent in October, to $269,000 from $254,000 in October 2015, Black Knight Financial Services said Tuesday.
The Providence metro ranked 30th among the nation’s 40 largest metros for its year-over-year home price gain.
The average home price in the Providence metro remains 13.4 percent below the peak price of $310,000 recorded in June 2006, but is 26.1 percent higher than the low of $213,000 recorded during the national market bottom in January 2012.
Seattle had the greatest price increase over the year in October at 12.1 percent, to $418,000 from $372,000.
Home prices nationwide rose 5.6 percent over the year, marking the 54th consecutive month of annual home price appreciation, to $266,000. Black Knight said U.S. home prices are within 0.4 percent of hitting a new national peak.
Boston was among seven metro areas that hit a new peak price in October – $432,000, which is 6.5 percent higher than the $408,000 price recorded in October 2015. Boston ranked 19th among the 40 largest metros for its home price gain.
The St. Louis metro was the only metro to experience a decline in its average home price in October. Prices in St. Louis fell 3.4 percent, to $153,000 from $159,000 a year ago, Black Knight said.

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