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PBN: R.I.’s home price rise leads N.E. states in Jan.

PROVIDENCE – The Home Price Index for Rhode Island real estate rose 8.4 percent year over year in January, the most of any New England state, according to CoreLogic Tuesday.

Nationally, the HPI rose 6.6 percent from January 2017 to January 2018. Washington HPI rose more than any other state in the United States, 12.1 percent year over year.

The January HPI grew at the following year-over-year rates in New England:

  • Rhode Island: 8.4 percent
  • Maine: 8.1 percent
  • Massachusetts: 6.1 percent
  • New Hampshire: 5 percent
  • Vermont: 4.1 percent
  • Connecticut: 1.7 percent

In the Providence-Warwick-Fall River metropolitan area, the HPI rose at 7.8 percent year over year in January. The Boston metro area rose at 5.7 percent during that time. CoreLogic said that the both metro areas were properly valued in January, as well. 

“Entry-level homes have been in particularly short supply, leading to more rapid home-price growth compared with more expensive homes,” stated Frank Nothaft, chief economist for CoreLogic. “Homes with a purchase price less than 75 percent of the local area median had price growth of 9.0 percent during the year ending January 2018. Homes that sold for more than 125 percent of median appreciated 5.3 percent over the same 12-month period. Thus, first-time buyers are facing acute affordability challenges in some high-cost areas.”

Chris Bergenheim is the PBN web editor.

Courtesy of Providence Business News