Providence-area home prices fall 4.2% in May

By PBN Staff
Twitter: @ProvBusNews

PROVIDENCE – Single-family home prices in the Providence-New Bedford-Fall River area dropped 4.2 percent in May compared with the same period in 2011, according to CoreLogic’s Home Price Index.

Separated from Bristol County, Mass., year-over-year home prices in Rhode Island declined 4.4 percent in May, including distressed sales.

Rhode Island’s home price drop was the highest for all states except Delaware, which saw prices drop 9 percent year over year, the Santa Ana, Calif.-based real estate data firm said Monday.

Massachusetts’ statewide prices declined 1.1 percent from May 2011 to May 2012.

Steadily declining prices in the Providence area over the past year have been at least partially attributed to pressure from distressed sales, but the CoreLogic index shows May home prices excluding foreclosures and short sales dropped 3.6 percent year over year.

Nationally, home prices, including distressed sales, rose 2.0 from May 2011 to May 2012.