Newspaper article Sarasota Herald Tribune

Region's Prices Increase 10.2%

Newspaper article Sarasota Herald Tribune

Region's Prices Increase 10.2%

Article excerpt

HOUSING MARKET

Home prices in Southwest Florida continue to advance at a double- digit clip.

Single-family homes prices increased 10.2 percent in February over the year in the Sarasota-Manatee region, data provider CoreLogic reported Tuesday.

Prices jumped an even more robust 13.3 percent in Charlotte County.

Home prices climbed 10.2 percent throughout Florida in February, the third-highest rate in the nation. But home values in the state remain 25.4 percent off their pre-recession peaks, according to CoreLogic.

Prices nationwide gained 6.8 percent compared with February 2015.

"Home prices continue to rise across the U.S., with every state posting year-over-year gains during the last 12 months," said Anand Nallathambi, president/CEO at CoreLogic. "Improved economic conditions and tight inventories continue to drive exceptionally strong gains in many markets, especially for homes priced below $500,000."

"Fixed-rate mortgage rates dropped more than one-quarter of a percentage point in the first three months of 2016, and job creation averaged 209,000 over the same period," said Frank Nothaft, chief economist for CoreLogic. …

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