Updated May 2 at 9:45am

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REAL ESTATE

Providence metro home prices rise in October

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JACKSONVILLE, Fla. – Home prices in the Providence metropolitan area increased 1.47 percent year over year in October, according to the LPS Home Price Index report.

The report, which was released Wednesday by Lender Processing Services Inc., combines extensive property and loan-level databases to produce a repeat sales analysis of home prices and their transactions within 15,500 zip codes in the United States.

The HPI report represents the price of non-distressed sales by taking into account price discounts for REO and short sales.

In the Providence metro area, average home prices rose 1.4 percent year over year to $207,000 from $204,000 in October 2011. Over the month, from September 2012, home prices rose 0.4 percent from $206,000 in the metro area.

For the first 10 months of 2012, the average home price in the Providence metro area rose 2.8 percent from $201,000 in January 2012.

Over the month, Rhode Island was listed as one of the 10 “biggest movers,” with home prices rising 0.6 percent from September to October.

Nationally, the HPI rose to $206,000 in October, an increase of 0.3 percent from September. Year over year the HPI rose 4.3 percent from $197,000 from October 2011.

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