Local home prices outpace state and nation
Home prices continue to surge in Southwest Florida.
The cost of single-family homes jumped 8.4% in Sarasota-Manatee in January, a faster clip than in the state and nation, data provider CoreLogic said Tuesday.
Charlotte County prices rose an even more robust 10.2% over the year.
Both areas topped the Florida increase of 7.3% and the U.S. gain of 6.9%.
Florida posted the nation’s eighth-highest home appreciation rate, though home values in the state remain 20.8% off their pre-recession peaks, according to CoreLogic.
“Home prices continue to climb across the nation, and the spring home buying season is shaping up to be one of the strongest in recent memory,” said Frank Martell, president/CEO of CoreLogic. “A potent mix of progressive economic recovery, demographics, tight housing stocks and continued low mortgage rates are expected to support this robust market outlook for the foreseeable future.
“We expect the CoreLogic Home Price Index to rise 4.8% nationally over the next 12 months, buoyed by lack of supply and continued high demand,” said Martell, who was named president Monday after the unexpected death last week of Anand Nallathambi, the Irvine, California-based company’s leader since 2010.
Home prices in Florida are forecast to increase an even faster 6.2% in the next year, CoreLogic said.
From December to January, home prices rose 1.4% in Sarasota-Manatee and 0.6% in Charlotte.
The CoreLogic report supports previous data about the region’s housing market. The Florida Realtors trade organization said single-family home prices in January climbed by 6.5%, to a median of $269,000, in Sarasota-Manatee and by 8.6%, to a median of $195,000, in Charlotte.
“With lean for-sale inventories and low rental vacancy rates, many markets have seen housing prices outpace inflation,” said Frank Nothaft, chief economist for CoreLogic.
States with the highest over-the-year home appreciation were Washington, at 10.8%; Oregon, at 10.3%; Colorado and South Dakota, each at 9.1%; and Idaho, at 9.0%. Maine, the only state where home prices fell, had a decline of 1.8%.