Florida Metros Lead the Nation in Home Value Increases
Posted By Victoria Boss Vero Beach Realtor || 7-Mar-2014
A recent report from Black Knight Financial Services has shown that as of December, home values in the United States have reached values within 13.9 percent of the highs reached in 2006. The company, formerly known as Lender Processing Services, released its Black Knight Home Price Index for December, showing that the national single family home price average was $232,000.
The Black Knight Home Price Index is based on a repeat month to month sales analysis of residential real estate transactions. These figures are then combined with information from the company’s loan-level databases. The data ranges across 18,500 United States postal codes and accounts for price discounts on REO and short sale transactions.
These recent figures for December represent a 0.1 percent increase from the previous month. The figures also bring an 8.4 percent increase from the $214,000 Home Price Index from the same period in the previous year. National single family home values peaked in 2006 at $270,000.
While Black Knight’s report shows that prices increased across the nation in December, this was not the case in 14 of the 20 largest states in the country. The largest declines were seen in North Carolina and Washington, with these states experiencing a 0.4 percent decrease in average single family home value. These states were followed by a 0.3 percent fall in Connecticut and in Maryland. On the other side of the spectrum, the largest increases were seen in New York with a 0.7 percent increase in single family home value, followed closely by Florida with a 0.6 percent increase. Oklahoma, Texas and Nebraska each followed with a 0.4 percent rise in single family home value.
Florida’s metropolitan areas experienced some of the largest monthly increases in the nation. Leading the nation, Miami’s single family home value average increased 1.2 percent, reaching $240,000. This figure is still 31.0 percent below the cities peak achieved in May 2006 when the average reached $352,000. Seven other Florida cites comprised the top ten increases seen in the nation. Sarasota experienced a 0.9 percent increase in average single family home value, followed by Key West with a 0.7 percent rise, Fort Walton Beach, Lakeland, and Port St. Lucie with a 0.6 percent increase each, and Naples and Palm by each increasing 0.5 percent.
For Florida buyers and sellers alike, these figures represent good news for the single family home market. If you’re an investor looking for a deal in the Port St. Lucie area, or a seller looking to benefit from these market increases, it is important to have a realtor that understands both the market and the Port St. Lucie area as an advocate during your sale or purchase. Vicki Boss is highly knowledgeable on both the Port St. Lucie area and the dynamics of its currently rising market. Contact Vicki and her team at VB Realty today for an experienced and passionate advisor in your Port St. Lucie sale or purchase.