Home prices continue to climb at double-digit levels in Southwest Florida, outrunning state and national gains.

• In November, single-family home prices jumped by 12.8 percent over the year in the Sarasota-Manatee region, data provider CoreLogic reported Tuesday.
• Home prices in Charlotte County increased by 10.5 percent in the same period.
• Both regions topped the gains of 7.9 percent for Florida and 6.3 percent for the U.S.

Florida posted the nation’s fifth-highest home appreciation rate. But home values in the state remain 28 percent off their pre-recession peaks.

“Many factors, including strong demand and tight supply in many markets, are contributing to the long-sustained boom in prices and home equity, which is a very good thing for those owning homes,” said Anand Nallathambi, president/CEO at CoreLogic.

“On the flip side, prices have outstripped incomes for several years in a number of regions, so as we enter 2016, affordability is becoming more of a constraint on sales in some markets,” he said.

From October to November, home prices rose 1.1 percent in Sarasota-Manatee and 1.8 percent in Charlotte.

Home prices nationally are projected to remain flat over the month in December but climb by 5.4 percent in the next 12 months, CoreLogic said.

Florida will be stronger, with a forecast 8.7 percent annual increase in home prices.

“Heading into 2016, home-price growth remains in its sweet spot, as prices have increased between 5 and 6 percent on a year-over-year basis for 16 consecutive months,” said Frank Nothaft, chief economist for CoreLogic. “Regionally we are beginning to see fissures, with slowdowns in some Texas and California markets, but the northwest and southeast remain on solid footing.”

States with the highest over-the-year home appreciation were:

Colorado, at 10.4 percent
Washington, at 10.2 percent
Oregon, at 9.0 percent
Idaho, at 8.5 percent

Three states reported home price depreciation in November: Mississippi, down 3.0 percent; Louisiana, down 1.6 percent; and New Mexico, down 0.7 percent.

Herald Tribune Jan 6, 2016