Sarasota-Bradenton home prices rise nearly 8%

SARASOTA — Residential real estate researcher CoreLogic says single-family home prices rose 7.9% in the region that includes Sarasota, Bradenton and North Port in October vs. the same period a year ago, slightly higher than the state average.

The hike for October includes distressed sales, CoreLogic says. As compared to September, home prices climbed 0.5%. Nationwide, prices edged up by 1.1% in October vs. September.

Statewide, home prices rose 7.8% in October on a year-over-year basis. Nationally, home prices appreciated by 6.7%.

Only six states had a greater percentage increase in October than Florida — Colorado, Idaho, New York, Oregon, Utah and Washington.

“Only nine states had home price growth at the same rate of growth or higher than the national average because the largest states, such as Texas, Florida and California, are experiencing high rates of home price appreciation,” says Frank Nothaft, CoreLogic's chief economist.

CoreLogic believes home prices will rise another 4.6% between October 2016 and October 2017.