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 both metro areas were properly valued in January, as well.
According to Robert Scaralia education director for the Real Estate Institute Of Rhode Island the state real estate market is experiencing record growth in some measure as a catch up to the other New England states and as an affordable option to the high home values in Massachusetts. Historically Rhode Island has been one of the last states to come out of a down market and this cycle is no different. Based on the current data we expect the Rhode Island market to remain strong for the foreseeable future. Scaralia added this is a great time for individuals thinking about pursuing a career in Real Estate, many brokerages throughout the state are actively looking for candidates interested in earning their Rhode Island real estate license. For more information visit www.realestateinstituteofrhodeisand.com for class schedules and enrollment.
Sorce- Providence Business News
Real Estate Institute Of Rhode Island
22 Veterans Memorial Drive Warwick, RI 02886
401.943.8500
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