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Tampa Bay home prices hit new low

The housing woes continue.

Tampa Bay area home prices fell by 1 percent in January and hit their lowest level since they peaked in early 2006, according to a Standard & Poor's/Case-Shiller home price index released Tuesday.

The bay area and 10 other cities — Atlanta; Phoenix; Charlotte, N.C.; Detroit; Las Vegas; Chicago; New York; Miami; Portland, Ore.; and Seattle — are at their lowest levels since home prices peaked in 2006 and 2007, the index showed.

Nationally, the index of property values in 20 cities fell 3.1 percent from January 2010, the biggest year-over-year drop since December 2009, the index showed.

Although prices continue to fall, bay area sales of existing homes increased substantially— 24 percent — in February. The sales rose 16 percent compared to last February, according to Florida Realtors.

The latest numbers indicate prices are stabilizing. Tampa Bay's median sales price in February was $111,100, up 1 percent from January and down 13 percent compared to a year ago.

Tampa Bay home prices hit new low 03/29/11 [Last modified: Tuesday, March 29, 2011 3:11pm]

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