House prices dig out

Home values on the Gulf Coast are finally starting to recover from steep drops suffered during the downturn.

The Federal Housing Finance Agency, which tracks purchases and refinancings, shows what everyone on the Gulf Coast already knows: home prices are spiking.

For example, in the Fort Myers area, home prices rose nearly 12% in the year ending Sept. 30. Over a five-year period ending in September, home prices in the Fort Myers area have fallen 5.6%, a big improvement over previous five-year spans that showed declines hovering around 50%.

In the Sarasota area, house prices have risen nearly 10.9% over the year ending Sept. 30, bringing the five-year decline to just over 11%. Tampa Bay area house prices rose 8% over the year and remain down 17% over the five-year period ending Sept. 30.
Another year or two of strong growth should bring relief to long-term owners of residential real estate.