Jacksonville’s average home sales price dropped 44 percent in August from the peak of the U.S. housing market in June 2006, according to a recent analysis.
The average sales price among single-family houses and condominiums was $156,000 in August, found the LPS Applied Analytics division of Jacksonville-based Lender Processing Services.
That was down from $277,000 in June 2006, the peak of the U.S. housing market, said LPS.
While Jacksonville’s average home sales price fell 44 percent, it was the 10th lowest drop among 33 Florida areas analyzed by LPS.
The Villages, a large retirement community in Central Florida, north of Orlando, had the lowest house-price decline at 15 percent, from $266,000 to $226,000.
The largest drop was in Clewiston, which is in South Florida between Fort Myers and Palm Beach, on the shore of Lake Okeechobee.
There, the average sales price fell 63 percent from $273,000 to $102,000, according to LPS.
The areas’ economic situations were reflected in the October unemployment numbers released by the state on Friday.
Sumter County, where The Villages reside, had an unemployment rate of 7.6 percent, among the lowest in the state.
Hendry County, which contains Clewiston, had the state’s highest rate at 16.1 percent.
The average sales price in Florida plummeted 51 percent from $337,000 to $164,000.
Nationwide, the U.S. rate dropped at almost half that rate. The average U.S. house sales price fell 28 percent from $285,000 to $205,000, according to LPS.
As for the highest average sales price in the state, Key West was at the top both at the U.S. market peak in June 2006 at $687,000 and in August, at $370,000, down 46 percent.
Lake City had the lowest average sales price in June 2006, at $214,000, found LPS. The average dropped 34 percent to $142,000 in August.
Clewiston posted the lowest average in August, at $102,000.
LPS analyzed several areas of Miami and South Florida. In addition to the greater Miami-Fort Lauderdale-Pompano Beach area, LPS also looked separately at areas within the larger Miami boundaries.
All posted drops of 54 percent in the average sales price.
“Clearly Miami has taken the biggest hit,” said Raj Dosaj, vice president of Qualitative Support for LPS Applied Analytics.
The LPS Applied Analytics Home Price Index summarizes national home prices by tracking monthly prices in more than 13,500 ZIP codes.
Lender Processing Services provides integrated technology, services and mortgage performance data and analytics to the mortgage and real estate industries.
The company recently announced its LPS HPI with residential sales concluded during August.
The Daily Record requested an analysis of Florida areas and of competitor cities. Reports from that analysis will be published over the coming weeks.
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Florida house price declines
| City | U.S. peak average price | August average price | Decline |
| The Villages | $266,000 | $226,000 | 15% |
| Tallahassee | $233,000 | $174,000 | 25% |
| Pensacola-Ferry Pass-Brent | $228,000 | $168,000 | 26% |
| U.S. | $285,000 | $205,000 | 28% |
| Gainesville | $244,000 | $171,000 | 30% |
| Wauchula | $347,000 | $236,000 | 32% |
| Lake City | $214,000 | $142,000 | 34% |
| Fort Walton Beach-Crestview-Destin | $314,000 | $197,000 | 38% |
| Panama City-Lynn Haven | $297,000 | $184,000 | 38% |
| Palatka | $245,000 | $147,000 | 40% |
| Jacksonville | $277,000 | $156,000 | 44% |
| Homosassa Springs | $239,000 | $134,000 | 44% |
| Key West | $687,000 | $370,000 | 46% |
| Sebastian-Vero Beach | $310,000 | $163,000 | 47% |
| Ocala | $245,000 | $127,000 | 48% |
| Sebring | $269,000 | $136,000 | 49% |
| Florida | $337,000 | $164,000 | 51% |
| Okeechobee | $250,000 | $122,000 | 51% |
| Tampa-St. Petersburg-Clearwater | $294,000 | $145,000 | 51% |
| Punta Gorda | $299,000 | $143,000 | 52% |
| Sarasota-Bradenton-Venice | $349,000 | $168,000 | 52% |
| Naples-Marco Island | $471,000 | $224,000 | 53% |
| Palm Bay-Melbourne-Titusville | $304,000 | $142,000 | 53% |
| West Palm Beach-Boca Raton-Boynton Beach | $412,000 | $194,000 | 53% |
| Deltona-Daytona Beach-Ormond Beach | $285,000 | $132,000 | 54% |
| Fort Lauderdale-Pompano Beach-Deerfield Beach | $409,000 | $187,000 | 54% |
| Lakeland | $247,000 | $113,000 | 54% |
| Miami-Fort Lauderdale-Pompano Beach | $413,000 | $192,000 | 54% |
| Miami-Miami Beach-Kendall | $418,000 | $194,000 | 54% |
| Palm Coast | $274,000 | $127,000 | 54% |
| Orlando-Kissimmee | $324,000 | $142,000 | 56% |
| Port St. Lucie | $331,000 | $147,000 | 56% |
| Cape Coral-Fort Myers | $352,000 | $152,000 | 57% |
| Arcadia | $320,000 | $131,000 | 59% |
| Clewiston | $273,000 | $102,000 | 63% |
Source: Lender Processing Services Inc.