MANATEE - Home prices in North Port-Bradenton-Sarasota, including distressed sales, increased by 4.4 percent in July and 3.3 percent in June compared to a year ago, according to new figures released Tuesday.
CoreLogic, an analytics firm in its July Home Price Index, said home prices nationwide increased on a year-over year basis by 3.8 percent in July. This was the biggest year-over-year increase since August 2006. On a month-over-month basis, including distressed sales, home prices increased by 1.3 percent in July compared to June. The July numbers mark the fifth consecutive increase in home prices nationally on both a year-over-year and month-over-month basis.
Excluding distressed sales, year-over-year prices increased by 4.0 percent in July compared to a year ago and increased by 3.2 percent in June compared to June 2011. On a month-over-month basis, excluding distressed sales, the CoreLogic HPI indicates home prices increased by 1.2 percent in July 2012 compared to June 2012.
Preliminary numbers indicate that August home prices, including distressed sales, will rise by 4.6 percent on a year-over-year basis from August 2011 and at least 0.6 percent on a month-over-month basis from July 2012. Excluding distressed sales, August house prices are also poised to rise 6.0 percent year-over-year from August 2011 and by 1.3 percent month-over-month from July 2012.
"The housing market continues its positive trajectory with significant price gains in July and our expectation of a further increase in August," said Mark Fleming, chief economist for CoreLogic. "While the pace of growth is moderating as we transition to the off-season for home buying, we expect a positive gain in price levels for the full year."