Florida Homes Still 34.5 percent below Peak Value in April

Excluding distressed sales, Florida ranked fifth among states registering the largest year-over-year home price appreciation in April.

Palm Coast, FL – June 3, 2014 – CoreLogic released today its April 2014 National Home Price Index Report. Excluding distressed sales, Florida ranked fifth among states registering the largest year-over-year home price appreciation in April. Florida (+10.2%) was surpassed in that category by Hawaii (+13.0%), California (+11.4%), Nevada (+11.1%) and New York (10.3%).

Florida (-34.5%) remains in second place among states furthest from peak home prices in April, surpassed only by Nevada (-38.6%). Arizona (-29.5%) was third, followed by Rhode Island (-28.8%) and West Virginia (-24.2%).

Understand that the peak for these volatile states does not represent a “normal” market. The peak for these states was significantly above intrinsic value. For instance, Flagler County  has returned to pre-bubble price and volume levels; slightly above those of 2003 but below those of 2004, where bubble behavior was first evident. Flagler County sales peaked in June 2005 while prices peaked during the following winter. With April's median selling price for single-family homes at $155,000, Flagler remains 40.4% below prices at the bubble's peak .

Despite modest gains in April, home prices nationwide remain 14.3% below their peak, which was set in April 2006.