Home prices rise 8.6% over year in Sarasota-Manatee
Prices increased an even more robust 11.1 percent in Charlotte County, data provider CoreLogic reported Tuesday.
Home prices climbed 6.4 percent throughout Florida in February, the 12th-highest rate in the nation.
The U.S. rate was 5.6 percent, representing three years of consecutive year-over-year increases in home prices.
"Since the second half of 2014, the dwindling supply of affordable inventory has led to stabilization in home-price growth, with a particular uptick in low-end home-price growth over the last few months," said Frank Nothaft, the analyst's chief economist.
"From February 2014 to February 2015, low-end home prices increased by 9.3 percent compared to 4.8 percent for high-end home prices, a gap that is three times the average historical difference," Nothaft said.
CoreLogic projects that price increases nationwide will ease to 5.1 percent over the coming 12 months.
Excluding distressed homes -- properties in some stage of foreclosure, which typically sell at a discount -- prices rose 8.3 percent in Sarasota-Manatee and 13.2 percent in Charlotte.
Florida posted the nation's fifth-highest price increases when excluding distressed sales, at 7.8 percent.
"This is the hottest home-price appreciation prior to the spring selling season in nine years," CoreLogic CEO Anand Nallathambi said.
From January to February, prices rose 2.9 percent in Sarasota-Manatee and 0.9 percent in Charlotte.
Despite its gains, home prices in Florida remain 32.4 percent off their pre-recession peaks, the second-highest gap behind Nevada's 35.4 percent.
States with the highest over-the-year home-price appreciation were Colorado, at 9.8 percent; South Carolina, at 9.3 percent; Michigan and Texas, at 8.5 percent; and Wyoming, at 8.4 percent.
Sarasota Herald Tribune 4/8/2015