Existing home sales and median prices take expected January dip

The median price of single-family homes fell last month in Tampa Bay to $117,000, from $125,400 in December. The drop was expected.

A December-to-January dip has happened annually since 2005.

January is typically a slow month for closings as buyers rush to close deals in December to qualify for a homestead exemption. Sales fell from 2,422 in December to 1,827 in January. That pattern also has occurred in those months since 2005.

Median prices on short sales fell from $105,000 to $100,000; conventional sales, from $157,000 to $148,000; and foreclosure sales, from $69,000 to $68,400, according to My Florida Regional Multiple Listing Service data.

After falling to $110,000 last January, median prices climbed steadily to $130,000 in August and didn't drop below $120,000 again in 2011.