Sarasota Region’s home prices increase most in U.S. in August 2015

Sarasota-florida-homesHome prices in Southwest Florida continue to rise at a fasterĀ  rate than the state and the nation.

But analysts expect home-price appreciation to slow in the coming year.

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Single-family home prices jumped in August by 11.6 percent in the Sarasota-Manatee region and by 9.4 percent in Charlotte County, data provider CoreLogic reported Tuesday.

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Both outpaced the year-over-year increase of 8.1 percent in Florida and 6.9 percent nationwide.

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Florida ranked sixth in the nation for annual price gains.

Despite those steadily rising values, home prices in Florida remain 28.1 percent off their pre-recession peaks.

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For the next 12 months, CoreLogic forecasts a more moderate 4.3 percent increase in U.S. home prices.

“Economic forecasts generally project higher mortgage rates and more single-family housing starts for 2016,” said Frank Nothaft, chief economist for CoreLogic. “These forces should dampen demand and augment supply, leading to a moderation in home-price growth.”

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Prices in Southwest Florida have been boosted by a shrinking supply of existing homes for sale this year. The Florida Realtors trade group previously reported that prices of single-family homes in Sarasota-Manatee jumped 21 percent in August, with the median sale price up $44,000 to $250,000.

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From July to August, home prices rose 1.4 in Sarasota-Manatee and 0.7 percent in Charlotte, CoreLogic said.

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Region’s home prices increase most in U.S. in August 2015