Home Price Index for Polk County and Lakeland FL

Home Price Index for Polk County and Lakeland FL

I read an interesting article today from CoreLogic® on the Nation’s Home Price Index for July.  The study shows that Maine, South Dakota, California, New York and Virginia had the highest appreciation from 2.6% to 4.5%.

States with the greatest depreciation were Idaho, Alabama, Utah, Oregon and Washington ranging from -12.6% to -4.3%.

How did Florida rank in their study of Single Family Homes and Single Family Homes that excludes distressed homes?

The State of Florida ranked 6th – Single Family -4.0% – Single Family Excluding Distressed –3.6%.  Take a look at the screenshot from CoreLogic®

We are still amongst the top state in the nation where foreclosures dictate home prices.  After reading this article and reporting monthly and bi-weekly on the overall Lakeland Florida Real Estate market, it would be interesting to see how Polk County and especially Lakeland’s home price index is in the same category for July 2010.

Polk County – Single Family Home median home prices

2009 – $114,950

2010 – $100,000

-13.1%

Polk County – Single Family Home median home prices excluding distressed

2009 – $139,000

2010 – $137,000

-1.44%

Lakeland, Florida – Single Family Home median home prices

2009 – $131,670

2010  – $107,750

-18.17%

Lakeland, Florida – Single Family Home median home prices excluding distressed

2009 – $162,900

2010 – $135,000

-17.13%

Has the existing home sale hit bottom yet? Or you might ask how low can we go?

Although economists predict that signs of improvement will show in the last quarter of the year because it takes longer to get a loan approved therefore loan applications for home purchase made in July may show up in existing home sales statistics in October.

As far as Lakeland Fl and Polk County is concerned with double digit drop in home prices and the bank owned homes dictating our home prices in Lakeland FL and throughout Polk County, I suspect that overall average home prices will continue to decline through the end of the year and at least the first quarter of 2011.

Source: CoreLogic® and Mid-Florida MLS

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