Posted on October - 06 - 2010
Home prices in Providence jump 9.7%, Northeast average at 1.9%
PROVIDENCE – A nationwide index of home sale prices showed that the Providence metropolitan area has performed better than the national average.
The Home Data Index, part of the Market Report released Thursday by Clear Capital, said home prices in the Providence metro area rose 9.7 percent compared with a year ago. The national index ticked up 2.4 percent and prices in the Northeast 1.9 percent.
In each report, Clear Capital selects a metropolitan area for an in-depth review. Thursday’s report explored the Providence metro area, which includes Fall River, New Bedford and the surrounding areas.
Clear Capital said prices have remained relatively stable for the past nine months after plunging 52.1 percent between 2006 and early 2009.
During the past year, home prices in western Cranston showed the steepest increases, soaring 13.2 percent, Clear Capital said.
“As prices declined 37.4 percent from the market peak in late 2005 to today, this largely residential area has grown attractive, boasting easy access to Interstate 95 and Interstate 295,” Clear Capital said. “While the higher-priced segment of this market (homes over $217,500) has missed out on these recent gains, the moderate-to-lower-priced segment has benefited from the recent tax credits as buyers look outside the downtown area for affordable deals.”
On the opposite end of the scale, prices in Warwick for homes between T.F. Green Airport and Greenwich Bay showed the biggest declines, falling 20.7 percent. The area traditionally attracted buyers looking for second homes, but the floundering economy dissuaded buyers and tax credits were geared toward the purchase of a primary residence, Clear Capital said, citing local real estate agents. Falling prices elsewhere have sent buyers to nearby areas considered more attractive.
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