R.I. home prices show 7.2% year-over-year gain in April

Home prices in the Providence area rose 5.9 percent in April compared with the same period in 2013, CoreLogic said Tuesday. More

To continue reading this article, please do one of the following.



real estate

R.I. home prices show 7.2% year-over-year gain in April

COURTESY CORELOGIC
RHODE ISLAND ranks fourth-worst in the nation for the deficit home values have to their pre-recession peaks, behind Nevada, Florida and Arizona.
COURTESY CORELOGIC
RHODE ISLAND ranks fourth-worst in the nation for the deficit home values have to their pre-recession peaks, behind Nevada, Florida and Arizona.
Photo
1
2
Posted 6/3/14

PROVIDENCE – Home prices in the Providence-Warwick area rose 5.9 percent in April compared with the same period in 2013, CoreLogic said Tuesday.

On the state level, The Irvine, Calif.-based real estate tracking firm’s Home Price Index showed a 7.2 percent year-over-year price increase for Rhode Island.

Excluding distressed sales, Providence-area prices rose 4.3 percent and Rhode Island prices rose 4.8 percent.

Home price appreciation in the Providence area did not match values nationally, where the CoreLogic index rose 10.5 percent year over year in April.

Rhode Island also has prices that remain 28.8 percent below the peak level. Nevada (38.6 percent), Florida (34.5 percent) and Arizona (29.5 percent) have farther to go to match pre-recession peak price levels.

The only metro areas in the nation of the top 100 that did not show year-over-year gains in home prices in April were: Hartford-West Hartford-East Hartford, Conn.; Milwaukee-Waukesha-West Allis, Wis.; Little Rock-North Little Rock-Conway, Ark.; Worcester, Mass.; and New Haven-Milford, Conn.

Despite the price gains, CoreLogic said the pace of national appreciation in April was the slowest in 14 months.

“Home prices are continuing to rise as we head into the summer months,” said Anand Nallathambi, president and CEO of CoreLogic. “The purchase market continues to suffer from a dearth of inventory which we expect will continue to drive prices up over the year.”

The Home Price Index is based on repeat sales of single family attached and detached homes over time.

At the same time, CoreLogic forecast an increase in home prices of 1 percent from April to May this year, as well as a 6.3 percent increase from April to April 2015.

Calendar
PBN Hosted
Events

Please join PBN on September 10th for the 3rd Annual Fastest Growing & Innovative Companies program at Rosecliff Mansion in Newport. Seating is limited so be sure to register early.
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