Tampa Bay ranks sixth among U.S. metro areas in the increase in single-family home prices. Between the third quarter of 2018 and the quarter ended in September, house prices rose 8.1 percent, according to a new report by the Federal Housing Finance Agency. The only areas with higher rates of increase were Boise City, Idaho; Tucson; Honolulu; Grand Rapids, Mich., and Memphis, Tenn. The Miami area was the only other Florida metro area in the top 20, ranking 13th.
Nationally, house prices grew 4.9 percent in the third quarter, dipping below a 5 percent annual pace for the first time since 2015. "Affordability continues to drive the deceleration of home prices as household incomes have not kept pace with ever-rising costs,'' said Lynn Fisher, the agency’ senior adviser for economics. "Homes in California and New York are now appreciating at rates that are lower than the national average.''
"At the same time,'' Fisher added in a release, "out-migration from high-cost areas is placing upward pressure on home prices in states like Idaho, Utah, Arizona, New Mexico, Vermont and Maine, all of which now rank in the top 10 states by appreciation rates. Florida ranks 27th.