R.I. again ranks in bottom 10 for home price decline

PROVIDENCE – Rhode Island again was among the most states with the greatest home price declines in September, according to information released Monday by Black Knight Financial Services’ data and analytics division.
The home price index report, based on September 2014 residential real estate transactions, said that nationwide, the last three months have shown a “weaker trend” than the same period last year, and that while United States home prices were down slightly for the month, they are up 4.6 percent year-over-year.
The average home price nationwide was $241,000 in September, basically the same as in August, Black Knight said.
Rhode Island registered a 0.4 percent drop in HPI, which is one-tenth of a percentage point greater than in August. The Ocean State tied with Washington, New Hampshire and Minnesota with 0.4 percent declines in home prices. New Jersey and Massachusetts registered 0.5 percent declines, while Connecticut, Vermont and Missouri had the greatest drops at 0.6 percent.
In comparison, Georgia had the greatest average home price increase, at 0.9 percent, followed by New York at 0.5 percent, South Carolina and Washington at 0.4 percent, and Maryland, Utah, Montana and Florida, 0.3 percent. Texas and Virginia rounded out the top 10 in this category at 0.2 percent.
The Providence metropolitan area ranked 29th out of the 40 largest metropolitan areas covered by Black Knight, for September average home prices of $244,000, a drop of three-tenths of a percentage point from the month before. That represents a nearly 4 percent increase from September 2013, but a 20.8 percent drop from June 2006’s peak of $308,000.
Atlanta had the largest home price increase in September at 1 percent, going from $179,000 in August to $181,000 in September. Bridgeport, Conn., ranked last for a 0.9 percent decrease, from $401,000 to $397,000.

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