Home prices rising in North Port-Bradenton-Sarasota


Regional home prices increased by 12.2 percent in November 2012 compared to November 2011, according to the just-released CoreLogic Home Price Index (HPI).

North Port-Bradenton-Sarasota's increase included the downward price pressure exerted by distressed sales -- short sales and foreclosures.

Including distressed sales, prices increased by 2.6 percent from October to November 2012.

Excluding distressed sales, CoreLogic reports that year-over-year prices increased by 10.6 percent in November 2012 compared to November 2011 and increased by 6.7 percent in October 2012 compared to October 2011.

On a month-over-month basis, excluding distressed sales, the CoreLogic HPI indicates home prices increased by 1.6 percent from October to November.

 Nationally, prices were up 7.4 percent year-over-year in November when distressed sales are included. Excluding distressed sales, prices were up 6.7 percent.

 The HPI analysis shows that all but six states are experiencing year-over-year price gains.

CoreLogic reports that, including distressed sales, home values in these states gained the most in November from the prior year: Arizona (20.9 percent), Nevada (14.2 percent), Idaho (13.8 percent), North Dakota (11.3 percent), California (11.1 percent). Florida was 1oth with a 7.9 percent increase.

Since the market peak in 2006, Florida home prices are down 44 percent. Only Nevada, down 53 percent, lost more value.

 "The pending index suggests prices will remain strong," said Mark Fleming, chief economist for CoreLogic. "Given that the recently released Qualified Mortgage rules issued by the Consumer Financial Protection Bureau are not expected to significantly restrict credit availability relative to today, the gains made in 2012 will likely be sustained into 2013."

"For the first time in almost six years, most U.S. markets experienced sustained increases in home prices in 2012," said Anand Nallathambi, president and CEO of CoreLogic. "We still have a long way to go to return to 2005-2006 levels, but all signals currently point to a progressive stabilization of the housing market and the positive trend in home price appreciation to continue into 2013."


Harold Bubil

Recipient of the 2015 Bob Graham Architectural Awareness Award from the American Institute of Architects/Florida-Caribbean, Harold Bubil is real estate editor of the Herald-Tribune Media Group. Born in Newport, R.I., his family moved to Sarasota in 1958. Harold graduated from Sarasota High School in 1970 and the University of Florida in 1974 with a degree in journalism. For the Herald-Tribune, he writes and edits stories about residential real estate, architecture, green building and local development history. He also is a photographer and public speaker. Contact him via email, or at (941) 361-4805.
Last modified: January 16, 2013
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