Prices keep rising in Southwest Florida
Southwest Florida continues to out pace the Country in sales appreciation
Published on: Mar 4, 2016
Transcripts - Prices keep rising in Southwest Florida
Home prices up 6.2% in region
By John Hielscher
Published: Wednesday, December 3, 2014 at 1:57 p.m.
Home prices in the Sarasota-Manatee region were 6.2 percent higher in October
compared with a year ago, falling short of a statewide increase but topping the
Home prices in Charlotte County climbed 7.4 percent in the same period, outpacing
both the Florida average of 6.6 percent and the U.S. rate of 6.1 percent, real estate
data provider CoreLogic said Tuesday.
Quantifying a trend that many Florida homebuyers have experienced firsthand this
year, the Sunshine State posted the nation's 16th-highest home appreciation rate for
the 12-month period, CoreLogic noted.
In the Sarasota-Manatee area, home prices increased by 0.3 percent from September
to October. In Charlotte, they rose by 0.7 percent over the month.
But the Southwest Florida picture for home prices is brighter when distressed
transactions such as foreclosures or short sales are removed from the overall
Excluding distressed sales, home prices in the region increased at an annual rate of
7.2 percent in Sarasota-Manatee and 9.6 percent in Charlotte in October.
Despite the gains, however, home prices in Florida remain 33.5 percent off their
inflated peak from the previous decade, the second-highest level in the nation.
CoreLogic expects home price increases to slow to 5.1 percent nationwide in the
"Home price growth is moderating as we head into the late fall and is currently
running at half the pace it was in the spring of 2014," said Sam Khater, deputy chief
economist at CoreLogic.
Though gains are slowing, consumers should not look for price increases to slow
significantly anytime soon. Prices nationwide in October, for instance, rose for the
32nd consecutive month.
"The gradual recovery of the housing market continues to be propelled by improving
employment, more buyer and seller confidence, continued low rates and, in certain
parts of the country, investor demand," said Anand Nallathambi, president and CEO
"Based on our projections, home prices in over half the country will have reached or
surpassed levels last seen at the height of the housing bubble sometime in mid-2015,"
States with the largest price increases in October were Michigan, 10.5 percent; South
Dakota, 10.4 percent; Montana, 9.1 percent; and Texas and Colorado, each at 8.7
States with the smallest increases were Vermont, 0.2 percent; Connecticut, 0.5
percent; Maryland, 0.8 percent; Mississippi, 1.1 percent, and Wisconsin, at 1.2
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