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Tampa Bay area home prices in November lowest since 2006 peak

Tampa Bay area home prices fell by 0.8 percent in November and hit their lowest level since they peaked in early 2006, according to a Standard & Poor's/Case-Shiller 20-city home price index released Tuesday.

The bay area and seven other cities — Atlanta; Charlotte, N.C.; Detroit; Las Vegas; Miami; Portland, Ore.; and Seattle — hit their lowest levels since home prices peaked in 2006 and 2007, the index showed.

Nationally, home values in 20 cities dropped 1.6 percent from November 2009, the biggest yearly drop since December 2009, the report said. In November, only four regions — Los Angeles, San Diego, San Francisco and Washington, D.C. — showed year-over-year gains.

Although prices fell through November, sales of existing homes increased substantially in December in the bay area. Sales surged 17 percent from a year earlier and rose an unexpected 34 percent in just one month, according to Florida Realtors.

The median sales price even inched up 1 percent to $126,100 from November to December, the group said last week.

Mark Puente can be reached at mpuente@sptimes.com or (727) 893-8459.

Tampa Bay area home prices in November lowest since 2006 peak 01/25/11 [Last modified: Wednesday, January 26, 2011 6:07pm]
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