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Thursday, August 4, 2011

Florida home prices fall in June, but it could be worse

Florida home prices continue to decline – no surprise there. But the drop in June doesn’t look so awful compared with other states that also endured the worst of the housing bust.

Prices in the Sunshine State fell 7.6 percent in June from a year ago, according to the CoreLogic Home Price Index released Wednesday. But 10 other states had bigger declines, including Nevada (12.4 percent) and Arizona (12.3).

Prices in Broward County fell by 7.4 percent in June and May, according to the CoreLogic index. Palm Beach County prices dropped by 11.8 percent in June and 10.7 percent in May.

Nationally, prices rose 0.7 percent in June, the third straight month-over-month increase.

“While there is a consistent and sustained seasonal improvement in prices over the last three months, prices are lower than a year ago due to the decline in prices after the expiration of the tax credit last year,” Mark Fleming, CoreLogic’s chief economist, said in a statement.

Various state and national groups report on home prices, but it's important to note that the methodologies and time frames often are different.

CoreLogic is a California research firm. Its index, like the Standard & Poor’s/Case-Shiller Home Price Index, measures increases and decreases in prices of the same homes over time. But the Case-Shiller data trail CoreLogic’s by a month.

Meanwhile, the Florida Realtors trade group releases a median price for homes sold in a month -- a different measure than either of the indexes.

www.PTAGflorida.com



sun-sentinel.com

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