Florida Home Prices Rank 19th Nationally

Hey, 19… that’s probably not where you expected Florida home prices to rank, but they do. And even with the staggering run-up in real estate prices in the last decade, Manatee and Sarasota counties remain close to the national median price of housing, according the U.S. Census Bureau.

The median amount homeowners with a Florida mortgage paid each month was $1,295 in Manatee County, or $20 lower than the $1,275 national average.

Sarasota County was right at the national median price. The 2005 survey released by the Census Bureau showed median home values across the nation have soaring 32 percent.

Although housing costs in Bradenton-Sarasota reached a peak in 2005, figures show that the median value of owner-occupied housing in the two counties was less than the median values in 17 other states and the District of Columbia. Florida home prices rank 19th in the U.S.

California, with a median of $477,700, led the nation. Florida’s median was $189,500. The medians in Manatee, $209,400, and Sarasota, $235,200, were higher than the state median.

Experts believe that several variables may have contributed to the lower monthly payments, including interest-only and option adjustable rate Florida mortgages.

As of last Friday, Congress released guidelines requiring mortgage lenders to tighten regulations on these exotic home loans more than had previously been required.

The median cost of a home in Manatee County was about $42,000 more than the national median. Michael Taylor, managing broker for Coldwell Banker, said the market had been undervalued for years, considering its location along the coast and near Tampa and Sarasota.

“We would’ve compared to a middle-of-the-state community before the home price appreciation of the last few years and finally people woke up and saw what we had,” he said.

Both Florida mortgage lenders and real estate professionals say the usually-weak winter season could actually stimulate local home sales.

The combination of a benign hurricane season, greater inventory of homes available in the Southwest Florida housing market and slowly falling prices may entice those who had been priced out of the market last winter.

“Homes priced reasonably for what they offer should move,” Taylor said.

Highest median price of owner-occupied housing:

1. California: $477,700
2. Hawaii: $453,600
3. District of Columbia: $384,400
4. Massachusetts: $361,500
5. New Jersey: $333,900

FLORIDA: (#19) 189,500
MANATEE COUNTY, FL: $209,400
SARASOTA COUNTY, FL: $235,200
U.S. AVERAGE: $167,500

Lowest median price of owner-occupied housing:

• Mississippi: $82,700
• West Virginia: $84,400
• Arkansas: $87,400
• North Dakota: $88,600
• Oklahoma: $89,100

Highest monthly median costs of owner-occupied housing with a mortgage:

1. New Jersey: $1,938
2. California: $1,912
3. Massachusetts: $1,781
4. Hawaii: $1,763
5. Connecticut: $1,718

FLORIDA: (#20) $1,247
MANATEE COUNTY, FL: $1,275
SARASOTA COUNTY, FL: 1,295
U.S. AVERAGE: $1,295

Lowest monthly median costs of owner-occupied housing with a mortgage:

1. West Virginia: $797
2. Arkansas: $842
3. Mississippi: $870
4. Alabama: $913
5. Oklahoma: $913