Make us your home page

Home sales rise as prices drop

A small but positive sign appeared in new Tampa Bay housing market data unveiled Thursday.

Sales of existing single-family homes in the Tampa Bay area actually rose 1 percent in May compared with the same period last year, according to figures released by the Florida Association of Realtors. About 30 more homes were sold last month than in May 2007 (2,270 versus 2,241).

But then there's this: The median sales price of homes sold last month in the bay area dropped 16 percent year to date, from $209,300 in May 2007 to $176,100 last month. That's a decline of $33,200.

The numbers weren't much better statewide. In the year-to-year comparison, 12,175 existing homes sold in Florida last month, whereas 12,882 homes sold in May 2007. That's a decrease of 5 percent.

Florida's median sales price for existing homes last month was $203,300. A year ago, it was $239,000, for a 15 percent decrease.

But the market could be showing signs of a turnaround. Statewide, 12,175 existing single-family homes sold in May, up 8.7 percent over the previous month, when 11,200 homes changed hands. Existing condo sales statewide rose 3 percent, with 4,018 units sold in May compared with 3,900 condos in April.

What's more, the median price for both existing single-family homes and existing condos increased slightly statewide during the April to May period. The existing-home median price in May was $203,300, up 2.2 percent from April's median price of $198,900. The median price of an existing condo last month was $181,800, up 1.5 percent from April's figure of $179,200.

"Bargain hunters have entered the market en masse, especially in areas that have experienced double-digit price declines,'' said NAR economist Lawrence Yun. "But it's unclear if they are investors or owner-occupants."

Tom Zucco can be reached at or (727) 893-8247.

Home sales rise as prices drop 06/26/08 [Last modified: Friday, June 27, 2008 7:01pm]
Photo reprints | Article reprints

© 2017 Tampa Bay Times


Join the discussion: Click to view comments, add yours

  1. Federal agencies demand records from SeaWorld theme park


    ORLANDO — Two federal agencies are reportedly demanding financial records from SeaWorld.

    Killer whales Ikaika and Corky participate in behaviors commonly done in the wild during SeaWorld's Killer Whale educational presentation in this photo from Jan. 9. SeaWorld has been subpoenaed by two federal agencies for comments that executives and the company made in August 2014 about the impact from the "Blackfish" documentary. 
[Nelvin C. Cepeda/San Diego Union-Tribune/TNS]
  2. Legalized medical marijuana signed into law by Rick Scott

    State Roundup

    TALLAHASSEE — Gov. Rick Scott on Friday signed into law a broader medical marijuana system for the state, following through on a promise he made earlier this month.

    Gov. Rick Scott signed legislation on Friday that legalizes medical marijuana in Florida.
  3. Line of moms welcome Once Upon A Child to Carrollwood


    CARROLLWOOD — Strollers of all shapes and sizes are lined up in front of the store, and inside, there are racks of children's clothing in every color of the rainbow.

    At Once Upon A Child, you often as many baby strollers outside as you find baby furniture and accessories. It recently opened this location in Carrollwood. Photo by Danielle Hauser
  4. Pastries N Chaat brings North India cuisine to North Tampa


    TAMPA — Pastries N Chaat, a new restaurant offering Indian street food, opened this week near the University of South Florida.

    The menu at Pastries N Chaat includes a large variety of Biriyani, an entree owners say is beloved by millions. Photo courtesy of Pastries N Chaat.
  5. 'Garbage juice' seen as threat to drinking water in Florida Panhandle county


    To Waste Management, the nation's largest handler of garbage, the liquid that winds up at the bottom of a landfill is called "leachate," and it can safely be disposed of in a well that's 4,200 feet deep.

    Three samples that were displayed by Jackson County NAACP President Ronstance Pittman at a public meeting on Waste Management's deep well injection proposal. The sample on the left is full of leachate from the Jackson County landfill, the stuff that would be injected into the well. The sample on the right shows leachate after it's been treated at a wastewater treatment plant. The one in the middle is tap water.