Recently, it was reported that most major US cities experienced a drop in home prices during the month of February 2012. This is at a time when our local Sarasota market experienced a 4.4% increase in home prices. Plus, home prices in Manatee County were up 3.7%. Thankfully, the biggest decrease in home prices were experienced in cities outside of Florida.
There were only two Florida cities listed:
- Miami +0.6%
- Tampa -0.2%
The decline in home prices is being attributed to multiple foreclosed homes being sold. During the month of February, foreclosures made up about a fifth of all sales. Generally, foreclosures are sold at an extremely low price as compared to other homes.
“We think home sales will continue to trend upward, which ultimately will result in a slower rate of home-value depreciation,” Humphries said. “But any housing recovery will be dependent on job growth.”
Read more, “U.S. home prices drop for sixth straight month“
Searching for waterfront property in Sarasota?
Contact Deborah Beacham at 941.376.2688 to find the perfect waterfront property in Sarasota!