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Florida Cities Dominate List of Price Increases

by devteam February 25th, 2014 | Share

BlackrnKnight Financial Services (formerly Lender Processing Services) reports thatrnhome values in the U.S. as of December had recovered to within 13.9 percent ofrnthe peak reached in 2006.  Measured byrnBlack Knight’s Home Price Index (HPI) the national single family home price wasrn$232,000, a 0.1 percent increase from November and 8.4 percent above the $214,000rnHPI in December 2012.  Nationally homernprices topped out in June 2006 at $270,000.</p

BlackrnKnight says however that prices retreated slightly in December in 14 of the 20rnlargest states with the largest declines of 0.4 percent in North Carolina andrnWashington and 0.3 percent in Connecticut and Maryland.  The largest increase was in New York, up 0.7rnpercent, followed by Florida at 0.6 percent and Oklahoma, Texas, and Nebraska,rneach up 0.4 percent.  </p

Amongrnmetro areas the largest monthly increase was in Miami, which increased 1.2rnpercent to $240,000.  This is still 31rnpercent below the peak of $352,000 the city achieved in May 2006.  In addition to Miami seven other Floridarncities made the top ten among major metropolitan areas; Sarasota (0.9 percent),rnKey West (0.7), Fort Walton Beach, Lakeland, Port St. Lucie at 6 percent eachrnand Naples and Palm Bay at 5 percent.  Tulsarnand Poughkeepsie, New York rounded out the top ten metro areas. </p

ThreernTexas cities once again surpassedrnprevious peak price levels.  The three,rnHouston, Austin, and Dallas have done this almost monthly since last July.  They had respective price increases of 0.5,rn0.4, and 0.3 percent respectively from November to December to establish newrnpeaks of $188,000 in Houston, $243,000 in Austin and $186,000 in Dallas.  </p

BlackrnKnight bases its HPI on a repeat sales analysis of home prices from thernrelevant month’s residential real estate transactions combined with its loan-levelrndatabases.  The data covers 18,500 U.S.rnZIP codes and takes into account price discounts for REO and short sales.

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About the Author

devteam

Steven A Feinberg (@CPAsteve) of Appletree Business Services LLC, is a PASBA member accountant located in Londonderry, New Hampshire.

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