Home prices jump more than 8%

SARASOTA — Home prices in the North Port-Sarasota-Bradenton region increased at a rate faster than the national average in May.

Year-over-year home prices in the region jumped 8.2% in May 2016 compared with May 2015, according to data provider CoreLogic. The national average was 5.9%.

“Housing remained an oasis of stability in May with home prices rising year-over-year between 5% and 6% for 22 consecutive months,” says Dr. Frank Nothaft, chief economist for CoreLogic, in the statement. “The consistently solid growth in home prices has been driven by the highest resale activity in nine years and a still-tight housing inventory.”

Florida's year-over-year home prices statewide increased 7.3% in May, the sixth highest rate nationwide, the statement says. Oregon, Washington, Colorado, Nevada and Utah had the five highest rates.