PROVIDENCE METRO AREA home prices increased 0.4 percent in November compared with the previous month, but remained 21.8 percent below their peak levels in June 2006, according to the Black Knight Home Price Index released Monday.
PROVIDENCE – Home prices in the Providence metro area rose slightly in November over the previous month, according to the Black Knight Home Price Index released Monday.
Prices in the Providence area reached $241,000 on the index in November compared with $240,000 in October, an increase of 0.4 percent.
The November figure represents a 6.1 percent rise over the November 2012 home price index of $227,000, but remains 21.8 percent below peak home prices in June 2006, when the index hit $308,000 in the region.
Nationally, the property price index climbed to $232,000 in November, 0.3 percent greater than a month earlier. On a year-over-year basis, the U.S. home price index rose 8.5 percent from $214,000 in November 2012, but was still 13.9 percent short of the June 2006 peak level of $270,000.
The Providence metro area placed 12th in the Black Knight ranking of metro areas nationwide with the largest increases in home prices between October and November. Statewide, Rhode Island ranked among the top 10 states with the largest home-price improvement, with a 0.4 percent increase between October and November.
The Black Knight index did not provide detailed home price data for Rhode Island as a state.
The Black Knight Home Price Index, formerly the LPS Home Price Index, is compiled each month by Jacksonville, Fla.-based Black Knight Financial Services, formerly Lender Processing Services Inc. The index combines property and loan data in a repeat sales analysis of home prices as of their transaction dates and covers about 89 percent of single-family residential properties in the United States.