- March 28, 2024
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Home prices in the North Port-Bradenton-Sarasota region rose 7.1% in July vs. the same month a year ago, a sign that the region's housing market continues to show strength.
Prices also rose 0.7% in July compared to June of this year, according to real estate research firm CoreLogic. Historically, home prices in the region experience a seasonal dip in the summer, as tourism wanes and winter visitors from up North stay put in anticipation of traveling amid cooler temperatures.
The monthly rise suggests the market is defying that seasonal trend.
Statewide, home prices jumped 7.5% in July as compared to July 2015, slightly better than the 6% rise in prices on a national average.
July home prices nationally bounced upward 1.1% in July vs. June 2016, according to CoreLogic's Home Price Index, a monthly tracking of residential sales across various platforms. CoreLogic also predicts that home prices will increase another 5.4% between July 2016 and July 2017.
“If mortgage rates continue to remain relatively low and job growth continues, as most forecasters expect, then home purchases are likely to rise in the coming year,” says Frank Nothaft, CoreLogic's chief economist, in a statement. “