Local home prices in the Sarasota-Manatee region again failed to keep pace with state and national increases.

Single-family home prices rose 4.1 percent in July over the year in the two-county area, data provider CoreLogic reported Tuesday. That was less than the Florida increase of 6.2 percent and the U.S. gain of 6.7 percent.

Prices accelerated a faster rate of 9.2 percent in Charlotte County.

Florida posted the nation’s 15th-highest home appreciation rate. But home values in the state remain 18.6 percent off their pre-recession peaks.

“Home prices in July continued to rise at a solid pace with no signs of slowing down,” said Frank Martell, president/CEO of CoreLogic. “The combination of steadily rising purchase demand, along with very tight inventory of unsold homes, should keep upward pressure on home prices for the remainder of this year. While mortgage interest rates remain low, affordability cracks are emerging as over a third of U.S. top cities are now overvalued.”

A recent report from the Florida Realtors trade group showed higher price hikes in July for Sarasota-Manatee, with single-family homes rising 8.2 percent to a median of $280,000. In Charlotte, the median sale price of a home climbed nearly 20 percent to $213,750.

From June to July, home prices were flat in Sarasota-Manatee and inched up 0.2 percent in Charlotte, according to CoreLogic.

Home prices in Florida are projected to rise by 6.5 percent in the next 12 months, topping the 5.0 percent U.S. forecast, the company said.

States with the highest year-over-year home appreciation were Washington, 12.9 percent; Utah, 10.8 percent; Idaho, 9.0 percent; and Colorado, Michigan and Oregon, each at 8.3 percent. West Virginia was the only state that recorded lower prices in July, declining 2.2 percent.

Herald Tribune 9/6/2017