West Villages Improvement District: Home prices in Sarasota-Manatee continue to climb

Wednesday, November 8, 2017

Home prices in Sarasota-Manatee continue to climb

Home prices in the Sarasota-Manatee region failed to keep pace with the state and national averages in September but still climbed over the year.

Single-family home prices rose 3.8 percent over the year in the two-county area, data provider CoreLogic reported Tuesday. That slipped behind increases of 6.2 percent in Florida and 7.0 percent in the U.S., CoreLogic said.

Prices jumped a more robust 7.6 percent in Charlotte County.

Charlotte ranked 84th and Sarasota-Manatee 256th for home-price appreciation among the 402 metro areas covered in the report.

Florida price gains ranked 16th in the nation. But home values in the state remain about 18 percent off their pre-recession peak.

“Heading into the fall, home price growth continues to grow at a brisk pace,” said Frank Nothaft, chief economist at CoreLogic. “This appreciation reflects the low for-sale inventory that is holding back sales and pushing up prices. The CoreLogic Single-Family Rent Index rose about 3 percent over the last year, less than half the rise in the national Home Price Index.”

Prices in Florida are expected to lift 6.9 percent in the coming 12 months, higher than the 4.7 percent U.S. forecast, CoreLogic said.