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Sunday, May 27, 2018
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Tampa area median home price surges 23.1% over year

Florida’s existing home prices surged again last month, rising by 18.6 percent over a year’s time to reach a median sale price of $175,000, new figures from Florida Realtors said.

The real estate trade group released its monthly sales and price report for August for existing single-family homes and condos and townhouses. Last month was the 20th consecutive month that the median sale price of a single-family home in Florida rose.

The number of existing single-family homes sold statewide last month also grew 12.5 percent, with Florida chalking up 20,933 closed sales, Florida Realtors reported.

Locally, prices in the Tampa Bay area are lower overall than statewide home prices, but they are growing at a faster clip. The median sale price of a single-family home in the Tampa-St. Petersburg-Clearwater area reached $160,000 in August, up 23.1 percent from the August 2012 price.

A caveat to the Florida Realtors data is that a 23.1 percent increase in median sale price does not necessarily mean homes are appreciating by that level. For example, if luxury homes are selling more rapidly than they were at this time last year, it can skew the median sale price upward.

The number of existing single-family homes sold in the Bay area last month rose to 3,468, up 10 percent over this time last year.

A Florida Realtors economist, John Tuccillo, said the most striking thing about the August real estate numbers is that Florida’s housing inventory seems to be stabilizing.

The state’s supply of homes for sale had been shrinking for months, causing prices to surge and frustrating homebuyers, who had to compete to buy houses. However, the state’s inventory of available homes rose slightly to 5.1 months of supply in August, after being steady at five months for the previous three months.

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