Sales of existing houses and condominiums might be on the decline in the Tampa Bay area, but that’s not stopping prices from going up.
The median sales price of an existing single-family home was $150,000 in March, according to a new report from Florida Realtors. That’s up more than 4 percent from a year ago, while condo prices rose 14 percent to $105,000.
Yet, sales were down in both categories, with 3,220 homes sold in March (a drop of more than 2 percent), and 1,186 condos changing hands, slightly lower than a year ago.
Statewide, however, single-family home prices rose more than 7 percent to $173,000, while condos jumped nearly 17 percent to $140,000.
The Tampa Bay metropolitan area includes Pasco and Hillsborough counties in these reports.
March was the 28th consecutive month that median sales prices rose year-over-year for both single-family and condo homes, said Florida Realtors president Sherri Meadows, in a release. Realtors from around the state are seeing a return of a more traditional market, with fewer short sales borne of the most recent market crash reported.
Cash sales are also on a decline, meaning that home buyers are finding more mortgages available. Freddie Mac reports that the interest rate for a 30-year fixed-rate mortgage averaged 4.34 percent in March, according to Florida Realtors. That is up from the 3.57 percent average recorded in March 2013.
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