Home Prices Rose by 5.9 Percent Year-Over-Year in March 2015. On a Month-Over-Month Basis, Home Prices Increased by 2.0 Percent in March.
Palm Coast, FL – May 5, 2015 – CoreLogic today released the National March Home Price Index. Home prices, including distressed sales, increased 5.9% compared to March 2014. If distressed sales are excluded, the rise is even greater (6.1%). Comparing to our local market, Flagler County, which includes Palm Coast, experienced median selling price gains of 9.59% overall and 2.4% for non-distressed over the same period.
Flagler County has lagged the national housing recovery, primarily because our areas housing market disruption was greater than the national average. Nationally, home prices remain 11.0% below their peak set in April 2006. Excluding distressed sales, national prices remain only 6.7% below the peak.
Florida, statewide, remains 31.5% overall below peak prices. Non-distressed sales during March in Florida were 25.4% below peak. Only Nevada ranks below Florida in this category.
Flagler’s March home prices remained 38.4% below peak Non-distressed sales were 35.4% below peak. This deficit is due, in part, because Flagler’s recovery has been slow, but it is also due to the fact that Flagler’s prices “at peak” were inflated beyond intrinsic values to a greater degree than other markets. In other words, we are much closer to a normal valuation than we are to peak valuations.
The CoreLogic report does not include April, but the combined Flagler/Palm Coast market has shown a strong upward trend based on preliminary April stats. The April median selling price of $171,800 is up 9.5% from one year ago. Excluding distressed sales, the year-over-year gain is 13.4%.