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Jason Taub - Realtor
Jason Taub - Realtor

Florida Metro Price Increases Top National Average

U.S. home prices rose 18.5% year-to-year in 3Q, but the increases in eight Fla. metros ranged from 20.5% in Central Florida to 34.7% in Cape Coral-Fort Myers.

WASHINGTON – U.S. house prices rose 18.5% year-to-year – from the third quarter of 2020 to the third quarter (3Q) of 2021 – according to the Federal Housing Finance Agency House Price Index (FHFA HPI).

However, Florida price increases rose even higher. Of eight state metro areas included in FHFA’s analysis, the lowest year-to-year price gain, 20.5% in Orlando-Kissimmee-Sanford, ranked 28th out of 100 national metros. And the highest Florida price gain (Cape Coral-Fort Myers at 34.7%) ranked second-highest nationwide. Only Boise City, Idaho, ranked higher with a year-to-year price rise of 37.3%.

However, FHFA also compared third-quarter home prices to the second quarter of 2021, and two U.S. metros saw prices surge over 9% in just three months – No. 1 Cape Coral-Fort Myers at 9.8%, and No. 2 Jacksonville at 9.1%.

“House price appreciation reached its highest historical level in the quarterly series,” says William Doerner, Ph.D., supervisory economist in FHFA’s Division of Research and Statistics. “Compared to a year ago, annual gains have increased in every state and metro area. Real estate prices have risen exceptionally fast, but market momentum peaked in July as month-over-month gains have moderated.”

Florida metros ranked in FHFA’s 3Q top 100 price study:

2. Cape Coral-Fort Myers: 34.7% year-to-year, 9.8% quarter-to-quarter

8. North Port-Sarasota-Bradenton: 25.6% year-to-year, 6.6% quarter-to-quarter

9. West Palm Beach-Boca Raton-Boynton Beach: 25.5% year-to-year, 5.7% quarter-to-quarter

10. Tampa-St. Petersburg-Clearwater: 25.2% year-to-year, 6.5% quarter-to-quarter

15. Jacksonville: 23.3% year-to-year, 9.1% quarter-to-quarter

17. Fort Lauderdale-Pompano Beach-Sunrise: 22.4% year-to-year, 6.5% quarter-to-quarter

24. Miami-Miami Beach-Kendall: 21.2% year-to-year, 5.4% quarter-to-quarter

28. Orlando-Kissimmee-Sanford: 20.5% year-to-year, 6.3% quarter-to-quarter

FHFA calculates housing prices using seasonally adjusted, purchase-only data from Fannie Mae and Freddie Mac.

FHFA’s 3Q ‘significant findings’

  • House prices rose in all 50 states and the District of Columbia between the third quarters of 2020 and 2021. The five states with the highest annual appreciation: 1) Idaho 35.8%; 2) Utah 30.3%; 3) Arizona 27.7%; 4) Montana 26.0%; and 5) Florida 24.8%. The areas showing the lowest annual appreciation: 1) District of Columbia 8.0%; 2) North Dakota 10.5%; 3) Louisiana 10.9%; 4) Maryland 12.5%; and 5) Iowa 13.0%.
  • House prices rose in all of the top 100 largest metropolitan areas over the last four quarters. Annual price increases were weakest in Philadelphia, Pennsylvania, where they increased by 9.9%.
  • Of the nine census divisions, the Mountain division recorded the strongest four-quarter appreciation, posting a 25.0% gain between the third quarters of 2020 and 2021 and a 5.8% increase in the third quarter of 2021. Annual house price appreciation was weakest in the West North Central division, where prices rose by 14.8% between the third quarters of 2020 and 2021.

© 2021 Florida Realtors®. Reprinted with permission Florida Realtors. All rights reserved.

About Jason Taub - Realtor

Native South Floridian. Resident of downtown Fort Lauderdale for 8 years. Served on the Board of Directors for condo association of 400+ units. Extensive knowledge of the Fort Lauderdale area and Broward County. Buy, Sell, Rent - I've got you covered.

About D'Angelo Realty Group

From the inception of the downtown Fort Lauderdale condo market, consistently year after year, D’Angelo Realty Group has been the local market leader with a proven track record and longevity of listing and selling luxury estates in the greater East Fort Lauderdale area. Closing well over 1,200 condominium transactions and over $2 billion in real estate sales, the expertise within our full scale real estate brokerage will secure the highest market value for sellers and negotiate the most equitable price attainable for our buyers.

Contact Jason today for all of your real estate needs. Available 24/7.

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