Make us your home page
Instagram

Tampa Bay home sales rebound off weak spring, but challenges remain

Tampa Bay home sales rebounded last month after a disappointing spring, rising 3 percent over last June and renewing hopes that the housing recovery is back on track.

About 3,400 single-family homes sold here in June, the second-busiest month for sales since the housing bubble burst, Realtor data show. The median home sold for $167,000, about 2 percent higher than at the same time last year as prices near a post-bust peak.

Home prices here have consistently gained since the market bottomed in 2011, with median prices climbing year-over-year for 30 of the past 31 months.

Those jumping costs nudged out bulk investors and tight-budget buyers, causing sales to drop nearly every month this year. But pent-up demand from the spring slowdown, coupled with some of the year's lowest mortgage rates, have helped nudge home shoppers back to life.

"Home buyers still appear to have a little more spring in their step as … job growth and consumer confidence continue to improve," Wells Fargo Securities economists wrote in a commentary released Wednesday.

The changing tenor, analysts say, could reflect a market that's shaking off the distorting effects of big-spending investors and a flood of underwater homes.

All-cash deals, many from investors, dropped last month to 35 percent of all home sales, the lowest point since 2010. And not since 2008 have conventional sales made up such a big part (73 percent) of total sales — and short sales and foreclosures such a small slice (27 percent).

About 750 Tampa Bay condos sold last month, leading to the biggest year-over-year sales jump since last summer, and condo prices continued a 14-month climb, to a median of $85,000.

Mortgage rates for a 30-year fixed loan dropped to 4.14 percent last month, down from 4.53 at the start of the year.

Though buoyed sales inspired optimism from real estate agents, analysts said a host of worrying challenges for home buyers remain, including strained supplies of homes for sale, restrictive lenders, high levels of delinquent mortgages and overstretched affordability for hopeful homeowners, especially first-time buyers.

"While the improvement has brought about a sense of relief," Wells Fargo Securities economists wrote, "the fundamentals are only marginally better than they were a few months ago."

Contact Drew Harwell at (727) 893-8252 or dharwell@tampabay.com. Follow @drewharwell.

Tampa Bay housing numbers

Single-family home sales

AreaJune 2014May 2014June 2013
Tampa Bay3,4013,3673,287
Hillsborough1,4531,3681,425
Pinellas1,0801,1571,017
Pasco759734711

Median home price

Area June 2014May 2014June 2013
Tampa Bay$167,000$162,000$162,500
Hillsborough$182,990$182,550$186,500
Pinellas$160,000$159,900$158,950
Pasco$150,000$147,332$143,000

Source: My Florida Regional Multiple Listing Service

Tampa Bay home sales rebound off weak spring, but challenges remain 07/09/14 [Last modified: Wednesday, July 9, 2014 11:20pm]
Photo reprints | Article reprints

© 2017 Tampa Bay Times

    

Join the discussion: Click to view comments, add yours

Loading...
  1. Record $417 million awarded in lawsuit linking baby powder to cancer

    Nation

    LOS ANGELES — A Los Angeles jury on Monday ordered Johnson & Johnson to pay a record $417 million to a hospitalized woman who claimed in a lawsuit that the talc in the company's iconic baby powder causes ovarian cancer when applied regularly for feminine hygiene.

    A bottle of Johnson's baby powder is displayed. On Monday, Aug. 21, 2017, a Los Angeles County Superior Court spokeswoman confirmed that a jury has ordered Johnson & Johnson to pay $417 million in a case to a woman who claimed in a lawsuit that the talc in the company's iconic baby powder causes ovarian cancer when applied regularly for feminine hygiene. [Associated Press]
  2. Superior Uniform acquires Los Angeles-based PublicIdentity

    Corporate

    SEMINOLE — A subsidiary of Seminole-based Superior Uniform Group has acquired Los Angeles-based branded merchandise company PublicIdentity Inc.

    Superior Uniform Group CEO Michael Benstock
[Courtesy of Superior Uniform Group]
  3. FBI warns of spreading W-2 email theft scheme

    Personal Finance

    The IRS is warning businesses about a sharp increase in email phishing scams involving employees' W-2 forms — scams that can put staffers' Social Security numbers and other critical information in the hands of thieves.

    The IRS is warning businesses about a sharp increase in email phishing scams involving employees' W-2 forms.
[McClatchy DC/TNS file photo]
  4. Walmart expands grocery delivery service in Florida markets

    Retail

    TAMPA — Walmart is formally launching its grocery delivery service in Tampa, the company announced Monday, as it expands its delivery test into Orlando and Dallas. Five locations around Tampa are offering delivery for online grocery orders.

    Walmart is expanding its grocery delivery to Tampa, the company announced Monday. | [Times file photo]
  5. Marina at Hudson Beach poised to become 24-unit condominium-hotel

    Business

    HUDSON — One of the mainstay businesses at Hudson Beach is poised for redevelopment into a 24-unit condominium-hotel.

    The owners of Skeleton Key Marina in Hudson have filed preliminary plans with Pasco County to redevelop the site into a 24-unit condominium-hotel.