Resale prices of Southwest Florida’s existing single-family homes continued to rise in January, outpacing annual growth nationwide, according to a closely watched market barometer. But the rate of growth is slowing down, signaling a more stable market, analysts said.
Housing prices in Collier, Lee and Charlotte counties grew 8.3 percent year-over-year, according to the S&P/Case-Shiller Home Price Indices. That was the second highest annualized rate of growth in the nation, after the Denver area, where prices grew 8.4 percent.
Nationally, home prices were up 4.5 percent compared to January 2014.
Southwest Florida had seen double-digit annual pricing growth in 2013 and 2014 as the real estate market recovered from the recession. But monthly growth slowed down in the latter part of the year and that trend appears to be continuing into 2015.
Local housing prices grew by .9 percent from January to February, putting Southwest Florida in the middle of the pack of the 20 metro areas surveyed nationwide by Case-Shiller.
That was the same as the rate of growth between December and January. (The numbers have been adjusted to account for seasonal changes in the market).
South Florida’s growth over the last year had been driven in part by low inventory for single-family homes and an influx of foreign cash. If you are an investor looking for the perfect Florida real estate investment or a buyer looking for an ideal home or home site, contact an expert member of the 9 Core Realty team at (239) 333-2221.