Tampa Bay area home sales slipped 1 percent in May, snapping a trend of 8 straight months of rising home sales.

According to the Florida Association of Realtors, sales totaled 2,243 in May, 27 fewer than the 2,270 sales recorded in May 2008.

But home prices, while down 20 percent from a year earlier, marked their highest level so far in 2009. The region's median sales price was $141,100 in May, up from $135,200 in April.

Overall sales in Florida rose 16 percent year over year, from 12,044 to 13,921. Prices statewide declined 29 percent, from $203,800 last year to $144,400 this May.

Sales seemed to suffer in late May for two reasons. Mortgage rates began to rise after scraping new lows in April and early May. Home loans available for 4.6 percent in April rose to 5.7 percent in late May.

What's more, foreclosure sales, which have accounted for about half of all transactions in previous months, have begun to weigh on housing appraisals. Banks are wary of over-lending when appraisals come in so low.

Since Pinellas and Hillsborough county Realtors reported a modest rise in home sales in May, I assume sales were correspondingly weak in Pasco and Hernando counties. Those four counties make up the Tampa Bay metro area.