Make us your home page
Instagram

Area home prices plunge 19.6% from last year

Tampa Bay area housing prices tumbled 19.6 percent from March 2007 to March 2008, marking a retreat to prices last seen in February 2005, according to the S&P/Case-Shiller home price index released Tuesday.

The metro area's home price drop was the seventh steepest among 20 cities listed on the index. Nineteen of 20 cities reported price declines; Charlotte, N.C., was the sole exception. The average national decline was 14.4 percent, the steepest drop in the index's 20-year history.

"There are very few silver linings that one can see in the data," says David Blitzer of Standard & Poor's.

Tampa-St. Petersburg-Clearwater came off better than Miami and a slew of Sun Belt cities out West. Las Vegas suffered the biggest price decline at 25.9 percent. Miami's prices were off 24.6 percent, and Phoenix's were next in line with a drop of 23 percent.

The Case-Shiller index nearly duplicated the findings of the Florida Association of Realtors. Realtors reported an 18 percent Tampa home price decline year over year in March. Case-Shiller strives for accuracy by measuring repeat sales of individual homes.

For Florida Realtors and economists, falling homes prices are harmful and helpful at the same time. While devastating to many homeowners who bought at the peak of the market in 2005-06, price concessions have helped stimulate sales this spring.

Home purchases have recently spiked in places like Fort Myers, Punta Gorda and Fort Pierce. Not coincidentally, prices have fallen the fastest in those communities. Few predict a return to a stable housing market this year, thanks to a glut of homes for sale.

"I think we'll see prices falling into 2009," University of Florida economist David Denslow said.

Darker days through the Sun Belt

The sharpest declines in home prices the past year were in former housing hot spots in the Sun Belt.

Las Vegas: -25.9 percent

Miami: -24.6 percent

Phoenix: -23 percent

Los Angeles: -21.7 percent

San Diego: -20.5 percent

San Francisco: -20.2 percent

Tampa: -19.6 percent



SOURCE: S&P Case-Shiller home price index

>>BY THE NUMBERS

Area home prices plunge 19.6% from last year 05/27/08 [Last modified: Thursday, May 29, 2008 4:40pm]
Photo reprints | Article reprints

© 2017 Tampa Bay Times

    

Join the discussion: Click to view comments, add yours

Loading...
  1. Tampa Bay small businesses give Tampa B+ for regulatory climate

    Corporate

    In a recent survey about small business sentiments toward state and local government policies that affect them, Tampa Bay ranked at No. 25 out of 80 — a B+ overall.

    Tampa Bay ranked No. 25 out of 80 in a recent survey about how small business owners feel about state and local government policies that affect them. | [Times file photo]
  2. Seminole Heights restaurants face struggles amid killings, post-Irma

    Food & Dining

    TAMPA — The neighborhood's hip circle of popular, well-regarded restaurants is feeling the squeeze in the wake of a recent killing spree. And the timing is rough.

    Ella’s Americana Folk Art Cafe has been taking precautions in light of the Seminole Heights killings: keeping the lights on all night and having employees walk to their cars in groups.
  3. St. Pete-Clearwater holding food, supply drive for hurricane refugees

    Airlines

    CLEARWATER — St. Pete-Clearwater International Airport and Allegiant Air are holding a food and supply drive for the Hispanic Outreach Center in Pinellas County. The event, which will benefit refugees displaced by Hurricane Maria, will be held Tuesday from 5 p.m. to 8 p.m. at the airport at 14700 Terminal Blvd.

    St. Pete-Clearwater International Airport and Allegiant Air are hosting a food and supplies drive Tuesday for refugees displaced by Hurricane Maria. | [Times file photo]
  4. Tallest building in Pinellas County in search of a new name

    Real Estate

    ST. PETERSBURG — The name "Priatek" is gone from Pinellas County's tallest building, perhaps to be replaced by that of a much better-known company new to the Tampa Bay area.

    The Priatek name is off of downtown St. Petersburg's tallest building.
 [LARA CERRI  |   Times.  2015]
  5. Estuary wins pier design contest for the Lee Roy Selmon Expressway extension

    Real Estate

    TAMPA — And the winner is… Estuary.

    Voters overwhelmingly supported a pier design called Estuary for the $200-million extension of the Lee Roy Selmon Expressway in Tampa.
[Courtesy of AECOM]