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Tampa, Miami Areas Lead U.S. In Home Price Declines

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By SHANNON BEHNKEN | The Tampa Tribune

Published: December 26, 2007

TAMPA - Miami and Tampa led the nation in home price declines in October, according to Standard & Poor's Case Shiller Home Price Index, released today.

The two metro areas posted the largest yearlong decreases in home prices in October among 20 cities tracked by the index. Prices dropped 12.4 percent and 11.8 percent, respectively, compared with the same month last year, according to the index.

Other cities posting double-digit declines were Detroit, San Diego and Phoenix and Las Vegas.

This marks the 10th consecutive month that the index has shown prices falling in the Tampa area.

The index tracks individual homes through repeat sales and takes a weighted average of the sales price differences for those homes. Some economists think the index more accurately reflects price trends than the median prices reported by the national and state associations of Realtors.

The index does not include actual home prices, but the Florida Association of Realtors data show the median sales price of homes in the Tampa-St. Petersburg-Clearwater area was $209,000 in October, down 7 percent from the previous year.

Still, home prices in Tampa are 106 percent higher now than in January 2000, said Maureen Maitland, S&P vice president.

Nationally, homes prices also fell for the 10th consecutive month.

Among the 20 metropolitan areas used in the broader index, 11 posted record monthly declines.

Detroit, Las Vegas, Phoenix and San Diego also posted double-digit year-over-year declines.

Atlanta and Dallas, which previously had been posting price appreciation, fell in October compared with a year earlier. Prices fell 0.7 percent in Atlanta and 0.1 percent in Dallas.

Only three areas — Charlotte, N.C., and Seattle and Portland, Ore. — posted year-over-year home price appreciation in October, with Charlotte posting the largest gains at 4.3 percent.

Information from The Associated Press was used in this report. Reporter Shannon Behnken can be reached at (813) 259-7804 or sbehnken@tampatrib.com.

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