R.I. home prices gain 2.8% in July, but remain behind peak

EVEN THOUGH SINGLE-FAMILY HOME PRICES showed a 2.8 percent price gain from July 2013 to July 2014, Rhode Island remains 26.9 percent below its peak home prices recorded in Oct. 2005. / COURTESY CORELOGIC
EVEN THOUGH SINGLE-FAMILY HOME PRICES showed a 2.8 percent price gain from July 2013 to July 2014, Rhode Island remains 26.9 percent below its peak home prices recorded in Oct. 2005. / COURTESY CORELOGIC

IRVINE, Calif. – Single-family home prices in Rhode Island increased 2.8 percent over the 12 months through July, according to real estate data tracker CoreLogic, below the national year-over-year increase of 7.4 percent.
The percentage increase tied the state at No. 41 with Connecticut and Indiana among the 50 states and the District of Columbia, when including the sales of distressed properties (those which are short sales or are the result of a foreclosure).
Other New England states saw larger price appreciation over the year. Maine ranked No. 2 on the list, with an increase of 10.6 percent year over year, while Massachusetts came in at No. 6, with home price growth of 9.8 percent. Vermont placed No. 29, with a year-over-year single-family home price increase of 4.6 percent. New Hampshire ranked No. 33, with price growth of 3.9 percent. Only Arkansas saw home prices depreciate in the 12-month period, posting a 0.9 percent price drop, while Michigan led the way, with year-over-year growth of 11.4 percent.
The Ocean State remains 26.9 percent below its October 2005 peak, however, the fourth-highest such shortfall in the nation. Home prices across the nation are 11.9 percent below the peak April 2006 levels, according to CoreLogic.
“While home prices have clearly moderated nationwide since the spring, the geographic drivers of price increases are shifting,” said Sam Khater, deputy chief economist for CoreLogic. “Entering this year, price increases were led by Western and Southern states, but over the last few months Northeastern and Midwestern states are migrating to the forefront of home price rankings.”
“Home prices continued to march higher across much of the U.S. in July,” said Anand Nallathambi, president and CEO of CoreLogic. “Most states are reaching price levels not seen since the boom year of 2006,”
The data tracker predicts that home prices will increase 5.7 percent for the 12 months beginning in July of this year.
CoreLogic also reported that home prices in the Providence-Warwick metro area, including distressed sales, increased 2.9 percent from July 2013 to July 2014, and just like the state, the region saw a month-over-month increase of 1 percent in home sales prices from June to July.
The only two of the top 100 metro areas not to show price increases were Worcester, Mass.-Conn., and Little Rock-North Little Rock-Conway, Ark.

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