The Laker/Lutz News

John Tuccillo

Home sales, prices up in Tampa Bay region

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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.

Housing market up, condo sales down locally

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Nearly 15,000 existing homes and condominiums changed hands in the greater Tampa Bay area during April, May and June, showing promising housing market trends despite a drop in overall condo sales.

The region — which includes Pasco, Hillsborough, Hernando and Pinellas counties — sold 3,733 condos in the second quarter, down more than 5 percent from the year before. The median sales price, however, rose more than 12 percent to $110,000.

That volume was second only to the greater Miami and Fort Lauderdale area, where nearly 13,000 condos were sold, according to a new report from Florida Realtors. Sales there, however were down more than 6 percent.

The lower volume is actually good news for the market, Florida Realtors chief economist John Tuccillo said, because that means foreclosure-related short sales are on the decline.

“The second quarter numbers show that Florida’s real estate market is settling in,” Tuccillo said, in a release. “While prices throughout the state tend to be up, sales are mixed with single-family sales growing, and condos and townhouses declining.”

Some of the reasons for that include the reduced role of bulk investors — buyers who pick up multiple units at a time in hopes to rent or flip — and many families who are having trouble getting mortgage credit because of flat income.

“This market is sustainable, but either or both of these roadblocks must be removed if it’s to take off again,” Tuccillo said.

Just a little more than 10,800 single-family homes were sold in the quarter, up 3 percent from a year ago. Median prices, however, were much more flat at $156,000, an increase of 1.3 percent.

Statewide, single-family sales were up more than 7 percent, while median sales prices rose just above 5 percent at $180,000.

Of the regions Florida Realtors track, Ocala in Marion County still had the lowest median price for a home at $105,000, despite a 6 percent increase in price. The most expensive homes remained in the Naples and Marco Island area of Collier County, were the median price rose nearly 16 percent to $405,000.

The interest rate for a 30-year fixed mortgage averaged 4.23 percent for the second quarter, up from 3.69 percent the year before, according to Freddie Mac.