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Yet another new low for Tampa Bay home prices

Tampa Bay area home prices fell by 1.2 percent in February to their lowest level since their peak in early 2006, according to a Standard & Poor's/Case-Shiller 20-city home price index released Tuesday.

Bay area prices are down 6 percent from February 2010.

The bay area and nine other cities — Atlanta; Charlotte, N.C.; Chicago; Las Vegas; Miami; New York; Phoenix; Portland, Ore.; and Seattle — posted new index level lows for the third consecutive month, the index reported. Detroit posted a 1.0 percent increase in February over January, the only city in the index to gain monthly.

Property values in the 20 cities fell 3.3 percent from February 2010, the biggest year-over-year decrease since November 2009, the index reported. Washington, D.C., was the only region to post a year-over-year gain with a rate of 2.7 percent.

The Case-Shiller index is based on a three-month average, which means the February data included transactions in January and December.

In March, the median price of single-family homes in the Tampa Bay area was $112,900, according to the Florida Realtors.

Yet another new low for Tampa Bay home prices 04/26/11 [Last modified: Tuesday, April 26, 2011 11:27am]
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