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Local Homebuyers, Take Note: Prices May Drop 12%

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The Tampa Tribune

Published: September 20, 2007

Looking to sell a home in the Bay area? Prepare for sticker shock. A new report suggests that prices here may soon plunge.

The median home price in the Tampa, St. Petersburg, Clearwater area will drop about $20,000 more by the third quarter of 2008 when the market bottoms out, according to a recent analysis by Moody's Economy.com.

The area's median home price has dropped 2.7 percent since its peak in late 2006, said Pat McPherron, an economist with Moody's.

The median, at which half the homes sell for more and half for less, will fall to $202,000 in the Tampa-St. Petersburg-Clearwater area before prices rise, the report says.

Business, Page 1

•Moody's predicts that three-quarters of the nation's metro areas will see home price declines over the next three years and that many will suffer double-digit drops from their peak.

•One of the nation's most severe price declines is expected for the Sarasota-Bradenton-Venice area, which was ranked third-worst nationwide in the 100 metro markets outlined by Moody's.

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