Single-family home prices grow 3.2% in Sarasota-Manatee over the year.

Home prices in the Sarasota-Manatee County region continue to grow more slowly than in the state and nation.

Single-family home prices increased 3.2% in July over the year in the two-county region, real estate database CoreLogic said in a new report. That lagged the gains of 3.9% in Florida and 3.6% in the U.S., where prices have cooled for 15 straight months.

Sarasota-Manatee ranked 137th lowest out of the 403 U.S. metro areas analyzed for price appreciation in the report.

Local price gains were slightly higher than the 3% posted over the year in June.

But home prices in the region remain 13.7% off their pre-recession peaks, CoreLogic said, the nation’s 32nd lowest peak-to-current difference.

“Sales of new and existing homes this July were up from a year ago, supported by low mortgage rates and rising family income,” said Frank Nothaft, chief economist at CoreLogic. “With the for-sale inventory remaining low in many markets, the pick-up in buying has nudged price growth up.

"If low interest rates and rising income continue, then we expect home-price growth will strengthen over the coming year," he said.

An earlier report from the Florida Realtors trade group found higher price gains here in July. It said the median price of a resale home in Sarasota-Manatee jumped 5.2% to $304,990.

Home prices here also rose more slowly over the month. Sarasota-Manatee reported a 0.3% increase from June to July, compared with the 0.5% increase throughout Florida and nationwide.

Prices are projected to rise 5.4% in Florida over the next 12 months, which matched the U.S. forecast.

A second-quarter survey by CoreLogic found 26% of millennials were interested in buying a home in the next 12 months, but only 8% indicated a desire to sell their home in that time frame. This means that new housing starts, or sellers from other age groups, will need to make up the necessary available housing stock to meet the demand. That wish to buy while housing stock is limited will continue to force prices up as buyers search for a home to purchase.

“A growing number of millennials are expressing an interest in buying homes, reinforcing the theory that this cohort is continuing to engage within the housing market,” said Frank Martell, president/CEO of CoreLogic. “But with so few homes available for sale, the imbalance has created an affordability crisis that is getting worse every day. Demand exceeds supply and we’re unsure of when the two will balance out.”