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Tampa Bay area home sales rise nearly 3 percent in August

The midpoint price in the bay area rose to $250,000, which is still lower than the state and national median prices.

The number of single-family homes sold in the Tampa Bay area during August rose 2.8 percent when compared with the same month last year, according to Florida Realtors sales data.

The median price — that is, the midpoint of the range — for those houses rose 5.9 percent year-over-year to $250,000. Statewide, the number of sales that closed rose 3.2 percent and median sales prices were up 4.2 percent to $265,000. Nationwide, single-family home sales rose 2.9 percent compared with August 2018, with a median national sales price of $280,700.

“Florida’s favorable jobs outlook, latest low unemployment rate of 3.3 percent (in July) and strong economy are positive trends for the state’s housing market,” Florida Realtors president Eric Sain said in the group’s monthly sales roundup. “Meanwhile, low mortgage interest rates are continuing to spark home buyers’ interest in entering the market."

Within the bay area, single-family home sales grew 5.5 percent in both Pasco and Hillsborough during August, but dropped 6.5 percent in Pinellas. Median home prices for the three counties rose to:

• $255,045 in Hillsborough, up 4.1 percent.

• $240,500 in Pasco, up 7.7 percent.

• $278,000 in Pinellas, up 9 percent.

Meanwhile, condominium sales in the Tampa Bay area were a mixed bag, rising 5.5 percent for the region year-over-year during August. Hillsborough sales jumped nearly 25 percent, from 483 to 602 closings. Pasco saw a 5 percent increase. Pinellas still had the most transactions, but saw the number of sales drop 5.4 percent, from 793 in August 2018 to 750 last month.

The bay area’s gains as a region came even as condo sales statewide slumped 2.9 percent.

The median price of a bay area condominium sold last month was $170,000, up 6.3 percent compared with the same month last year. At the county level, midpoint prices were $170,000 in Pinellas, $165,000 in Pasco and $172,065 in Hillsborough. By comparison, median condo prices were $190,000 statewide and $257,600 nationally.