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Tampa Bay-Lakeland
Business Observer Monday, Jul. 2, 2012 10 years ago

Home prices up on Gulf Coast

From Tampa to Fort Myers, residential home prices continue to rise.

Compared with 2011 numbers, residential real estate prices are up all along the Gulf Coast.

According to the latest data from CoreLogic, a Santa Ana, Calif.-based real estate research firm, home price indexes in April and May posted gains over the previous year, from Tampa to Fort Myers.

Leading the recovery in home prices in that span of the Gulf Coast was the Cape Coral-Fort Myers market, which saw May home prices increase 9.6% over May 2011 when including distressed sales. Excluding distressed sales, prices increased by 4.1% during that period.

The second-strongest market was Tampa-St. Petersburg-Clearwater, where home prices increased 4.6% in May compared with May 2011 when including distressed sales, and 3.5% when excluding distressed sales.

North Port-Bradenton-Sarasota showed similar improvement, with a 4.3% increase in home prices in May over the same month in 2011 when distressed sales are included. When distressed sales are excluded, the market posted a 4.8% increase in prices year-over-year for May.

The rising prices on the Gulf Coast are stronger than national numbers for May, which were 2% over May 2011 when including distressed sales and 2.7% increase when excluding distressed sales.

Mark Fleming, chief economist for CoreLogic, says in a news release that prices for the lower-priced segment of the national housing market are rising the fastest. “Home price appreciation in the lower-priced segment of the market is rebounding more quickly than in the upper end,” Fleming says in a release. “Home prices below 75% of the national median increased 5.7% from a year ago, compared to only a 1.8% increase for prices 125% or more of the median.”

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