- 2012 - October - 17th -

Jacksonville housing price gains lag out-of-state competitors

by Karen Brune Mathis, Managing Editor

Compared to four cities considered economic-development competitors, Jacksonville continues to struggle when it comes to regaining ground toward the average housing price it posted at the peak of the market.

As of July, the average house price in the Jacksonville area was $145,000, which was 32.7 percent below the market peak of $215,000 in July 2006.

That’s fifth out of five cities that often compete for economic-development deals, according to statistics compiled by the LPS Applied Analytics Division of Jacksonville-based Lender Processing Services.

However, Jacksonville also had the farthest to fall. Its price was the highest of the five at their respective peaks.

The division produces a monthly Home Price Index that summarizes national home prices by tracking monthly transactions in more than 15,000 ZIP codes.

It provided numbers for the 30 major Florida markets, including metropolitan Jacksonville, to the Daily Record. The Daily Record also asked LPS to look at prices in Atlanta, Charlotte, N.C., Greenville, S.C., and Nashville, Tenn.

The division updates and refines its data monthly. While it earlier said Jacksonville prices peaked in June 2006, it adjusted that to July 2006.

The national recession began in December 2007 and officially ended more than three years ago in June 2009.

The reported figures are rounded, although the reported percentages reflect more specific numbers.

Looking at the four competitor areas for July:

• The Greenville, S.C., area gained the most ground. Its July price of $164,000 was just 3.6 percent below its June 2008 peak of $170,000.

• The average price of $179,000 in the Nashville, Tenn., area was 7.9 percent below its June 2007 peak of $195,000.

• Charlotte, N.C., posted an average price of $162,000, which was 12.9 percent below its June 2007 peak of $186,000.

• Atlanta’s price of $131,000 was 28.7 percent below its June 2007 peak of $183,000.

• Jacksonville’s 32.7 percent gap was the largest.

Looking just at July prices, Jacksonville’s average price in July of $145,000 was fourth among the five cities.

Nashville led, followed by Greenville and Charlotte. Atlanta trailed Jacksonville.

While still well below the peak, Jacksonville’s average housing price steadied in June and July.

The average price was $145,000 both months, with rounding leading to a calculated 0.1 percent increase in July over June.

Compared to the average price of $141,000 since the start of the year, the price was up 2.9 percent, LPS found.

Of the 30 Florida metropolitan areas reviewed, 18, including Jacksonville, posted a gain in house prices over the month, while three remained even and nine saw a decrease.

The largest monthly drop, 0.5 percent, was in Cape Coral, while both greater Miami and greater Melbourne experienced the largest monthly increases, at 0.4 percent each.

Key West continued with the highest average price, at $348,000 in July, and Clewiston had the lowest, at $89,000. Both were up over the month.




Housing prices vs. peak

Among five cities that compete for economic development, Jacksonville’s home price remains the lowest compared to the other four’s prices versus their peaks. However, Jacksonville had the highest price at the peak. Greenville, S.C., had the lowest peak price and has regained the most.

AreaPeak priceDateJuly priceDifference
Greenville, S.C.$170,000June 2008$164,000- 3.6%
Nashville, Tenn.$195,000June 2007$179,000- 7.9%
Charlotte, N.C.$186,000June 2007$162,000- 12.9%
Atlanta$183,000June 2007$131,000- 28.7%
Jacksonville$215,000July 2006$145,000- 32.7%

Source: LPS Applied Analytics Division of Lender Processing Services

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