Prices for Jacksonville Bank Foreclosures Rose in August

by Peter Vernon on cities

Prices for Jacksonville bank foreclosures rose slightly in August, according to a real estate research firm.

The median price for all types of homes in Jacksonville increased slightly by 0.26 in August to $153,600, up from $153,200 in July. The July median price also marked a slight increase of 0.13 percent from the June median price of $153,000.

For the period from August last year to January this year, prices for single-family homes increased monthly by a range of 1 to 2 percent. Over the summer, prices leveled and then increased slightly in July and in August.

The slight price increases in July and August are seen as a good sign by housing analysts in Florida. The ten months before May all showed declines in median prices. They hope that the slight improvements in price are ushering a start of recovery in the housing market.

Several realtors in the area said that the slight increase in prices may have been driven by a flattening of foreclosures. They said that the number of foreclosure homes entering the market has been declining.

Based on another online real estate research firm, the number of Jacksonville bank foreclosures as of the first week of October is a little over 8,000 units. The firm also said that previously-owned homes account for the majority of homes available for sale, which stand at more than 24,100 units.

Jacksonville has more homeowners than renters, with 58 percent of all residential properties occupied by homeowners and 32 percent occupied by renters. About 8 percent of the more than 243,000 residential units in Jacksonville are vacant.

Economists in Florida also credit the federal tax credit as a major factor in the increase in home prices in Jacksonville. The November 30 expiration of the tax credit prompted prospective home buyers to make the home purchase before the deadline.

The economists also observed that home values in Jacksonville has been stabilizing over the summer months, with the adjusted annual price depreciation changing sharply from over 15 percent of annualized depreciation in February to below 10 percent annualized depreciation in August.