Report: R.I. among state leaders for home price gain in January

RHODE ISLAND registered one of the top 10 month-over-month increases in home prices in January, although the Providence metro area (nearly identical to the state statistically) is still nearly 23 percent off its June 2006 peak. / BLOOMBERG FILE PHOTO/JACOB KEPLER
RHODE ISLAND registered one of the top 10 month-over-month increases in home prices in January, although the Providence metro area (nearly identical to the state statistically) is still nearly 23 percent off its June 2006 peak. / BLOOMBERG FILE PHOTO/JACOB KEPLER

(Updated, 5:45 p.m.)
PROVIDENCE – With a month-over-month gain of 0.2 percent in January to $229,000, Rhode Island landed tied for eighth place among the 10 states with the largest increases in the Black Knight Home Price Index. Similarly, the Providence metro area gained 0.2 percent in the HPI from December 2013 to January 2014 to $238,000, placing it at No. 15 among the top 40 metro regions tracked by Black Knight.
Nationally the HPI was flat from December 2013 to January 2014, with a value of $232,000 in each month.

On a year-over-year basis, Rhode Island saw a 6 percent increase in its HPI value, while the Providence metro registered a 5.4 percent gain on the January 2013 level. Nationally, home prices increased 8 percent from January 2013 to January 2014.

While the price index for the Providence metro area now exceeds the national average, it is still 22.9 percent below its peak level of $309,000 in June 2006, while the national HPI now stands at 14 percent below its peak of $270,000, reached in the same month. Of the 40 metro areas tracked by Black Knight, Providence still has the 12th largest gap between its peak price level and that of today. The largest gap in the nation – 44.3 percent – was registered in Las Vegas, which reached its peak of $330,000 in May 2006 and stood at $184,000 in January.
The HPI for the Boston metro area registered $369,000 in January, the same as the month before and 7.7 percent greater than its $343,000 level in January 2013. That price is still 7.1 percent below its Aug. 2005 peak of $397,000. The HPI for Massachusetts hit $327,000 in January, the same as the month before and a 6.2 percent increase on its January 2013 level of $308,000. The state home price level still remains 9.6 percent off its Aug. 2005 peak of $361,000.
The Black Knight Home Price Index, formerly the LPS Home Price Index, is compiled each month by Jacksonville, Fla.-based Black Knight Financial Services, formerly Lender Processing Services Inc.
The index combines property and loan data in a repeat sales analysis of home prices as of their transaction dates and covers about 89 percent of single-family residential properties in the United States in more than 18,500 zip codes.

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