It’s nothing but positives in September for the Tampa Bay housing and condominium market, as both sales and median prices have gone up.
The latest report from Florida Realtors shows existing home sales are up 11 percent, and condo sales grew more than 4 percent compared to a year ago. Median sales for the area that also includes Pasco County also rose more than 3 percent for existing homes, and 10 percent for condos.
“When home prices increase, more Florida homeowners may be ready to list their homes for sale,” said Florida Realtors president Sherri Meadows, in a release. “So on the one hand, it is a positive factor for improving housing inventory in many markets, but on the other hand, rising prices also can make it more challenging for first-time buyers to enter the market, or even for move-up buyers to find their next home, especially when lending standards remain too restrictive.”
In September, the Tampa Bay region sold 3,441 single-family homes and 1,132 condos — second only to the greater Miami area. Statewide, existing home sales were up more than 13 percent to 20,792, while condo sales climbed 2 percent to 8,622.
The median price for those single-family homes was $159,900 locally, compared to $180,000 statewide. Condos in the Tampa Bay region were $105,500, compared to $142,700 around the state.
Nationwide, single-family prices were up 5.2 percent to $220,600, according to the National Association of Realtors, while the national median existing condo price was $213,900.
“The stability that has characterized the housing market in Florida continued in September, but at a higher level of activity,” said Florida Realtors chief economist John Tuccillo, in a release. “Both single-family and townhouse and condo sales were up, but so were new listings and pending sales. Despite this, inventory — as measured in months — remained about the same in a range that indicates a balanced market. So, more houses are coming on the market, and more people are buying.”
The interest rate for a 30-year fixed-rate mortgage averaged 4.16 percent in September, down from 4.49 percent a year ago, according to Freddie Mac.