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JULY 24, 2008

Better than state average: Tampa area home sales down 3 percent

June, predicted to be a rough month for the local housing market, ended up being not so wretched.

Tampa Bay area home sales slid 3 percent, from 2,428 in June 2007 to 2,346 in June 2008. On a month-to-month basis, June sales were up 3 percent over the 2,270 homes that sold in May.

Sales prices were down 19 percent over the year, from $220,900 to $178,700. The figures come from the Florida Association of Realtors.

Pinellas, Pasco, Hillsborough and Hernando counties did better than the state as a whole, which suffered a 5 percent yearly sales decline. Housing markets like Fort Myers and Sarasota that were first to enter the slump in 2005 showed an improvement in sales. Fort Myers sales were up 29 percent as bottom feeding home purchasers scooped up bargains.

On the other hand, sales plunged in northern Florida areas like Tallahassee and Ocala that had until recently avoided the worst of the slump. Panama City, where sales dropped 35 percent, was the worst hit.

Many economists predicted sales would suffer in June on the back of rising foreclosures brought on by the resetting of adjustable rate mortgages.

Here's a June home sales chart from the Florida Association of Realtors: Download jun08home.pdf 

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Housing market news is the focus of the (Un)Real Estate blog. It offers an inside look at the Florida housing market and real estate news, with a focus on Tampa Bay. Its goal? Simple: To help you keep a roof over your head without losing your shirt.

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