That Will Be Strongest 2014
- Biggest home price increase projected in 2014: Panama City-Lynn Haven-Panama City Beach metro.
- Forecast 4-year price increase: 26.9 percent
- Current median price: $158,669*
- Prices to reach trough in: 2010 Q3
- Median family income: $53,800
- Population: 164,770
Home prices in the Panama City area fell about 27 percent after hitting a peak in 2006, according to the FHFA home price index. Jennifer Mackay, an agent at Keller Williams Success Realty in Panama City, says the market was stabilizing earlier this year, but the BP oil spill led some buyers to pull out and sent the rental market into a tailspin.
Despite the area’s large number of foreclosures (1.93 percent in the first half, according to RealtyTrac), Mackay says the new Northwest Florida Beaches International Airport, which opened in May, should help stimulate local business. «I see our economy doing better than others over the course of the next year,» she says. The area’s unemployment rate reached 12.1 percent in January and dropped to 9.3 percent in June, according to BLS data.
Index used to calculate historical home price changes: FHFA
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