real estate

Providence metro area home prices slip in September

BLOOMBERG NEWS FILE PHOTO TIM BOYLE
SINGLE-family home prices in the Providence-Fall River-New Bedford area fell 0.8 percent in September compared with the same period last year, CoreLogic said Monday.
Posted 11/7/11

PROVIDENCE – Single-family home prices in the Providence-Fall River-New Bedford area fell 0.8 percent in September compared with the same period last year, CoreLogic said Monday.

The California-based real estate tracking firm also revised down its August sales prices for the Providence area to reflect a 2.1 percent drop in prices from August 2010. Previously Corelogic had reported a 1.5 percent year-over-year decline for August.

Price declines in the Providence area were driven by sales of distressed properties, such as foreclosures and short sales, CoreLogic said. Excluding sales of distressed properties, the Providence metropolitan area home prices increased 0.2 percent in September compared with last year.

In Rhode Island, CoreLogic reported single-family home prices fell 2.7 percent in September compared with a year earlier.

Nationally, September home prices declined 1.1 percent year-over-year, CoreLogic said.

"Even with low interest rates, demand for houses remains muted. Home sales are down in September and the inventory of homes for sale remains elevated,” said Mark Fleming, chief economist for CoreLogic.

“Home prices are adjusting to correct for the supply-demand imbalance and we expect declines to continue through the winter. Distressed sales remain a significant share of homes that do sell and are driving home prices overall," he said.

Calendar
PBN Hosted
Events

Applications are now being accepted for the 14th Annual Business Excellence Awards Program. Deadline to apply is October 1st. And save the date for the Awards Dinner - November 12th at the Providence Marriott.
Advertisement
Purchase Data
Book of Lists
Lists
Book of Lists cover
PBN's annual Book of Lists has been an essential resource for the local business community for almost 30 years. The Book of Lists features a wealth of company rankings from a variety of fields and industries, including banking, health care, real estate, law, hospitality, education, not-for-profits, technology and many more.
Data icons
Data can be purchased as single lists, in either Excel or PDF format; the entire database of the published book, in Excel format; or a printed copy of the Book of Lists.
  • Purchase an e-File of a single list
  •  
  • Purchase an e-File of the entire Book of Lists database
  •  
  • Purchase a printed copy of the Book of Lists
  •  
    National
    Local
    Latest News
    Advertisement