Florida Home Prices Rising
CoreLogic recently released a Home Price Index (HPI) report with findings that month-over-month prices nationally increased 0.7 percent in February from January, but fell year-over-year by 0.8 percent. However, in Florida, prices rose in February 2012 compared to February 2011 whether distressed sales were included or not.
“This is encouraging news,” said Jayme Nabors, co-owner of Lifestyle Properties in Destin. “The Home Price Index indicates that Florida home prices rose 4.7 percent overall and 1.6 percent without distressed sale numbers, which is better than the national average.”
According to CoreLogic, distressed sales include short sales and real estate owned (REO) transactions. Non-distressed home sale prices, which represent two-thirds of all sales, have appreciated by just over 1.0 percent since the beginning of the year.
The HPI report also revealed the five states with the highest home price appreciation were: West Virginia (+8.6 percent), Michigan (+5.8 percent), Florida (+4.7 percent), Arizona (+4.5 percent) and South Dakota (+4.1 percent). Including distressed sales, the five states with the greatest depreciation were: Delaware (-11.2 percent), Connecticut (-7.9 percent), Rhode Island (-7.8 percent), Illinois (-7.1 percent) and Georgia (-6.6 percent).
Of the top 100 Core Based Statistical Areas (CBSAs) measured by population, 67 are showing year-over-year declines in February, nine fewer than in January.
Source: 2012 Florida Realtors®