Local Home Prices Outpace Nation – Sarasota Real Estate

outpace nationHome prices in Southwest Florida still outpace nation and state increases.

Single-family home prices rose 7.8 percent in the Sarasota-Manatee region in June over the year, data provider CoreLogic.

Prices jumped a stronger 12.7 percent in Charlotte County.

Both regions topped the gains of 7 percent for Florida and 5.7 percent for the U.S.

Florida posted the nation’s sixth-highest home appreciation rate. But home values in the state remain 23.9 percent off their pre-recession peaks.

“Mortgage rates dipped in June to their lowest level in more than three years, supporting home purchases,” said Frank Nothaft, chief economist at CoreLogic. “Local markets with strong economic growth have generally had stronger home-price growth.”

A recent report from the Florida Realtors trade group showed similar price gains for home sales.

  • In June, the median sale price of a single-family home rose 6.9 percent to $262,000 in Sarasota-Manatee and 11.7 percent in Charlotte to $189,980 compared to last year, that report said
  • From May to June, home prices rose 0.9 percent in Sarasota-Manatee and 1.1 percent in Charlotte, according to CoreLogic.

Home prices nationally are projected to rise by 0.6 percent in July and by 5.3 percent in the next 12 months, the company said.

Florida will be stronger, with a forecast 6.8 percent annual increase in home prices.

“Home prices continue to increase across the country, especially in the lower price ranges and in a number of metro areas,” said Anand Nallathambi, president/CEO of CoreLogic. “We see prices continuing to increase at a healthy rate over the next year, by as much as 5 percent.”

States with the highest over-the-year home appreciation were Oregon, at 10.9 percent; Washington, at 10.3 percent; Colorado, at 9.2 percent; Utah, at 7.9 percent; and Nevada, at 7.7 percent. Two states reported home price depreciation in June: Connecticut, down 1.7 percent; and New Jersey, down 0.8 percent.