Edging Out Nevada, Florida Homes Still 28.6 Percent Off Peak Prices

CoreLogic September Home Price Index in five states is at record levels. 28 states are within 10% of their respective peaks. Metro Palm Coast median home selling price remains 40.6% below peak.

Palm Coast, FL – November 4, 2014 – CoreLogic released today its September Home Price Index (HPI) Report. The report examines the housing market within each state. U.S. prices rose 5.6% in September, year-over-year. In both September and October, home prices in metro Palm Coast (which includes all of Flagler County) remained stable. Steady price increases witnessed during the first eight months of 2013 tapered off after August.

U.S. “Home prices continue to rise compared with this time last year but the rate of growth is clearly slowing as we exit 2014. With more positive macro-economic trends emerging in the U.S., we are forecasting moderate price growth for 2015,” says Anand Nallathambi, president and CEO of CoreLogic.

The report lists six states that have surpassed their peak bubble prices; Texas, Colorado, South Dakota, North Dakota and Nebraska.

Including distressed home sales, the national September HPI is 12.6% off peak prices. Florida’s corresponding prices are off peak by 34.1%. Palm Coast is 40.6% off peak.

Excluding distressed, the national September HPI is 9.1%. Florida and Palm Coast are off peak prices by 28.6% and 37.2% respectively.

Across the Flagler housing market, there are 958 single-family residential homes listed as available via MLS. At current selling prices, this represents 5.9 months of sales.

Home prices are a relative bargain when compared to the rest of the country. Palm Coast median selling price, in the low $150s, is a bargain even within Florida.