VIDEO: Home Prices In Brevard, Florida Move Higher In April

By  //  June 4, 2015

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ABOVE VIDEO: CoreLogic’s April 2015 Home Price Index (HPI) finds that home prices (including distressed sales) increased by 6.8 percent year-to-year in April 2015 compared with April 2014.

BREVARD COUNTY, FLORIDA – CoreLogic’s April 2015 Home Price Index (HPI) finds that home prices (including distressed sales) increased by 6.8 percent year-to-year in April 2015 compared with April 2014.

It’s the 39th month in a row for year-to-year price increases.

On a month-to-month basis, home prices nationwide increased 2.7 percent in April.

The CoreLogic HPI Forecast indicates that home prices will rise by 5.3 percent over the next year.

Excluding distressed sales from the calculation, home prices are projected to increase by 4.9 percent by April 2016.

Frank Nothaft

Frank Nothaft

“For the first four months of 2015, home sales were up 9 percent compared to the same period a year ago,” says Frank Nothaft, chief economist for CoreLogic.

“One byproduct of the increased sales activity is rising house prices, and, as a result, month-over-month home prices are up almost 3 percent for April 2015 and up more than 6 percent from a year ago.”

In Brevard County the number of distressed sales are declining. Comparing April 2014 with April 2015, the number of single-family bank owned sales fell 8.2 percent from 194 to 178.

Shorts sales declined 37.2 percent from 43 to 27 for the same time period.

Jennifer McCoy

Jennifer McCoy

“I remember a few years ago almost half of our listing appointments were short sales” says Certified Distressed Property Expert and Realtor, Jennifer McCoy with RE/MAX Elite’s McCoy-Freeman Group.

“The rise in home values is helping underwater homeowners avoid a short sale” says McCoy.

In April, the median sales price for a single-family home increased over 5% to $175,000 compared to April of 2014 in Brevard.

Anand Nallathambi

Anand Nallathambi

“Old fashion supply and demand, fueled by historically low mortgage rates and improving consumer finances and confidence, continue to push home prices up,” said Anand Nallathambi, president and CEO of CoreLogic.

“Over the longer term, household formation, up by more than one million over the past year alone, will drive down vacancy rates and create tighter housing markets in many metropolitan areas.

This should provide the necessary underpinning for rising prices for the foreseeable future.”

April 2015 highlights

• Including distressed sales, the five states with the highest home price appreciation were: South Carolina (+11.4 percent), Colorado (+9.7 percent), Washington (+9.1 percent), Florida (+9 percent) and Texas (+8.3 percent).

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• Excluding distressed sales, the five states with the highest home price appreciation were: South Carolina (+10 percent), Florida (+9.5 percent), Colorado (+9.3 percent), Washington (+8.7 percent) and Texas (+8.2 percent).

• The five states with the largest peak-to-current declines, including distressed transactions, were: Nevada (-33.9 percent), Florida (-29.3 percent), Rhode Island (-28.2 percent), Arizona (-26.2 percent) and Connecticut (-24.8 percent).

ABOUT THE AUTHOR

Bobby Freeman

Bobby Freeman, a life-time resident of Brevard County, has been a top Realtor in the area for two decades. In his first year as an agent, Freeman received a Rising Star award from his Brokers. Since then he has achieved numerous sales awards and has recently been presented with the prestigious RE/MAX Hall of Fame Award.

Freeman, Jennifer McCoy and Nikki McCoy Freeman are family partners for RE/MAX Elite’s McCoy-Freeman Group. Together they have more than 30 years of extensive experience in all aspects of the real estate industry and have sold over $200 million.

Among McCoy-Freeman Group’s achievement are RE/MAX Hall of Fame, RE/MAX 100% Club, Certified Distressed Property Experts (CDPE), Accredited Buyer’s Representative (ABR) and voted Best Realtor in Brevard County.

The group has been featured in many news publications including CNN Money Magazine, CNNMoney.com, WFTV 9 ABC News, Coastal Condo Living, & Hot Retirement Towns Magazine and SpaceCoastDaily.com.

For more information log on to BrevardRealtyConnection.com

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