R.I. home-price increase in October largest in U.S.
PROVIDENCE METRO AREA home prices increased 0.6 percent in October compared with the previous month, but remained 22.3 percent below their peak levels in June 2006, according to the LPS Home Price Index released Monday.
PROVIDENCE – Rhode Island’s home prices climbed 0.8 percent in October, the largest month-over-month increase in the U.S., according to the LPS Home Price Index released Monday.
Massachusetts came in at No. 2 in the ranking, with a 0.7 percent increase in October to $329,000 from $326,000 in September. LPS did not report the home-price data for Rhode Island.
In the Providence metro area, home prices rose 0.6 percent in October over the previous month, to $240,000 compared with $238,000 in September. The October figure represented a 5.4 percent rise over the October 2012 home price index of $227,000, but remained 22.3 percent below peak home prices in June 2006, when the index hit $308,000.
Nationally, the property price index climbed to $232,000 in October, 0.1 percent greater than in September. On a year-over-year basis, the U.S. home price index rose 8.8 percent, up from $213,000 in October 2012, but still 14.1 percent short of the June 2006 peak level of $270,000.
The Providence metro area’s 0.6 percent month-over-month increase ranked at No. 6 in the LPS ranking of metro areas nationwide with the largest increases in home prices between September and October, tied with New York City.
The LPS Home Price Index, compiled each month by Jacksonville, Fla.-based Lender Processing Services Inc., combines property and loan data in a repeat sales analysis of home prices as of their transaction dates. The LPS data covers about 89 percent of single-family residential properties in the United States.