By John Hielscher
Staff Writer
Home prices rose faster in the Sarasota-Manatee region than the state and the nation in October.The price of single-family homes increased an average 7.9 percent in the two-county area, data provider CoreLogic reported Tuesday.That outpaced the 7.8 percent Florida increase and the 6.7 percent U.S. gain.

Prices in Charlotte County were up 6.9 percent for the month, CoreLogic said.

Florida ranked seventh in the U.S. for annual price gains.

“While national home prices increased 6.7 percent, only nine states had home price growth at the same rate of growth or higher than the national average because the largest states, such as Texas, Florida and California, are experiencing high rates of home price appreciation,” said Frank Nothaft, chief economist for CoreLogic.

Despite the increase, home values in Florida remain 22 percent off their pre-recession peaks.

For the next 12 months, CoreLogic forecasts home prices will rise 5.9 percent in Florida, higher than the 4.6 percent national forecast.

“Looking forward to next year, nationwide home prices are expected to climb another 5 percent in many parts of the country to levels approaching the pre-recession peak,” said Anand Nallathambi, president/CEO at CoreLogic.

Prices in Southwest Florida have been pressured by a dwindling supply of existing homes for sale for several years, but those gains slowed down in 2016. The Florida Realtors trade group previously reported that prices of single-family homes in Sarasota-Manatee rose 4.1 percent in October over the year, with the median sale price at $255,000.

From September to October, home prices rose 0.5 percent in Sarasota-Manatee and were flat in Charlotte, CoreLogic said.