According to a new report from CoreLogic home prices in the the North Port-Bradenton-Sarasota area were up 7.1 percent in July compared to the same time last year. Historically, home prices in the region decline during the summer months, as tourism slows and winter visitors from up North stay put, waiting for cooler temperatures to arrive. Across the state home prices rose 7.5 percent for the month versus to July 2015, which out-paced the 6 percent rise in prices on a national average. CoreLogic predicts home prices will grow another 5.4 percent between July 2016 and July 2017. “If mortgage rates continue to remain relatively low and job growth continues, as most forecasters expect, then home purchases are likely to rise in the coming year,” says Frank Nothaft, CoreLogic’s chief economist.
