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Metro Providence Home Price Rise 4%

According to the Providence Business News, Metro-Providence home prices have risen 4% year over year.

BY PBN STAFF
TWITTER: @PROVBUSNEWS

PROVIDENCE – Home prices in the Providence-Warwick-Fall River metropolitan area rose 4 percent year over year in March, CoreLogic said Tuesday.

Rhode Island posted a similar home price gain at 4.2 percent over the same period.

Still, home prices in the Providence metro and Rhode Island lagged the nation, which saw home prices climb 6.7 percent on average year over year in March.

Data includes distressed sales, which are real estate-owned and short sales.

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CoreLogic also is predicting that home prices nationwide will increase 5.3 percent on a year-over-year basis from March 2016 to March 2017.

“Housing helped keep U.S. economic growth afloat in the first quarter of 2016 as residential investment recorded its strongest gain since the end of 2012,” Frank Nothaft, chief economist for CoreLogic, said in a statement. “Low interest rates and increased home building suggest that housing will continue to be a growth driver.”

Anand Nallathambi, president and CEO of CoreLogic, said home prices reached the bottom five years ago and have appreciated by almost 40 percent since then.

Co-owner and associate broker of Penrose Realty, LLC and Penrose Property Management & Design, LLC.