PROVIDENCE – The Black Knight Home Price Index for the Providence metro area was $238,000 in February, largely unchanged from the price index a month earlier, but 5.5 percent higher than in February 2013 according to the Black Knight report released Monday.
Despite the year-over-year gain from a home price index of $226,000 in February 2013, home prices in the metro region remain 22.7 percent below their peak in June 2006, when the index hit $309,000.
Nationally, the property price index climbed to $233,000 in February, seven-tenths of a percent greater than the $232,000 index reported a month earlier. On a year-over-year basis, the U.S. home price index rose 7.6 percent from $217,000 in February 2013, but was still 13.5 percent short of the June 2006 peak level of $270,000.
The Providence metro area placed 11th among the 40 metro areas covered by Black Knight for having the largest gap from peak prices to present day. Las Vegas, with home prices 43.7 percent below their peak in May 2006, led that list.
Providence came in 35th in the ranking of metro areas nationwide with the largest increases in home prices between January and February.
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.