Providence home-price increase ranks second-lowest in U.S.

PROVIDENCE – The Black Knight Home Price Index for the Providence metro area improved 2.6 percent in March compared with a year earlier, rising to $234,000 from $228,000, Black Knight Financial Services reported Tuesday.

Despite the year-over-year gain, home prices in the metro area were unchanged from a month earlier in February, when the index also registered $234,000. In addition, the index remained 24.1 percent below its peak level in June 2006, when the index hit $308,000.

Nationally, the property price index climbed 7 percent year over year to $235,000 in March, and increased 1 percent on a month-over-month basis from $233,000 in February. The U.S. home price index for March fell 12.8 percent short of the June 2006 peak level of $269,000, Black Knight said.

The Providence metro area, with its stagnant home price index, placed fourth-lowest in a ranking of the metro areas nationwide with the largest increases in home prices between February and March. The three regions that ranked lower (Hartford, Norwich and New Haven, Conn.) were the only three to post home-price declines over the month.

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San Jose, Calif., boasted the largest month-over-month increase in March at 2.2 percent.

Rhode Island as a state ranked second-lowest for its home-price appreciation of one-tenth of a percent month over month, coming in just above Connecticut, which reported a one-tenth of a percent decline for the month of March, according to the Black Knight index. The state with the largest increase was Michigan at 1.6 percent.

The Black Knight Home Price Index is compiled each month by Jacksonville, Fla.-based Black Knight Financial Services. 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.

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