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Bay Area's Existing-Home Sales Slide 40%

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By SHANNON BEHNKEN | The Tampa Tribune

Published: October 24, 2007

Database: Foreclosures In Bay Area

TAMPA - Existing home sales in the Tampa Bay area slid 40 percent in September compared with the same month last year, and the median sale price dropped 11 percent, further signs that the Bay area's housing market remains sluggish.

The Florida Association of Realtors reports that in September there were 1,691 sales in the Tampa Bay area, down from 2,803 posted in September 2006. The association defines the Tampa Bay area as the metropolitan areas of Tampa, St. Petersburg and Clearwater.

The median sale price of existing homes in that area in September was $200,700. That's an 11 percent drop from the median price in the same month a year ago: $222,100. The median is the point at which half the homes sold for more and half for less.

The median price in September also showed a nearly $14,000 drop from the August median price of $214,100, association figures show.

Condo sales in the Bay area fell to 411 sales, down 29 percent from the same month last year. But prices edged up 3 percent to a median sale price of $159,000.

Statewide, there was 38 percent drop in sales for existing homes and a 9 percent drop in prices. The median sale price was $221,200 in Florida. The condo market statewide continued to slow. The number of sales dropped 37 percent, and prices dropped 4 percent to a median sale price of $194,200.

The National Association of Realtors reported Wednesday that sales of all existing homes nationally – including condos – slid 8 percent in September from August and 19 percent when compared with the same month last year.

The weakness in sales translated into further pressure on prices. The national median price fell to $211,700 in September, down 4.2 percent from the sale price in the same month a year ago.

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