Home prices in Manatee-Sarasota region continue to rise

Home sales prices in the Manatee-Sarasota region were up more than 6 percent in April from a year earlier, according to CoreLogic’s Home Price Index.

That’s the good news.

The not-so-good news: Prices statewide and nationwide are outpacing the local market, according to Tuesday’s report from the property information provider.

Even so, the 6.1 percent jump in the two-county area was healthy, sparked by falling interest rates that sent homebuyers rushing into the market.

“Mortgage rates in April dipped back to their lowest level since November of last year, spurring home-buying activity,” Frank Nothaft, the chief economist for CoreLogic, said in a news release.

Across Florida, year-over-year sales prices surged 6.4 percent in April, while nationwide that increase was 6.9 percent.

Two states – Washington (12 percent) and Utah (10.1) – saw double-digit increases. Florida ranked 12th nationally in price gains, trailing only Alabama (6.6 percent) among states in the Southeast.

Seven states saw their home prices climb above the national rate year-over-year in April: Washington, Utah, Oregon (9.1), Colorado (8.8), Michigan (8.7), New York (7.2) and Wisconsin (7).

“Interest rates on fixed-rate mortgages are down by one-fourth of a percentage point since mid-March, just in time to support the spring home-buying season (nationally),” CoreLogic president and CEO Frank Martell said.

Only three states – Wyoming (3.9 percent), Alaska (0.2) and Delaware (0.2) – saw yearly prices fall in April.

Looking ahead, CoreLogic forecasts home prices will have a slow but steady rise – increases of 5.1 percent by April 2018 and 0.7 percent from April to May this year.

This story was originally published June 6, 2017 at 3:57 PM with the headline "Home prices in Manatee-Sarasota region continue to rise."