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Existing Home Sales In Tampa Area Rise 5% In July

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By SHANNON BEHNKEN | The Tampa Tribune

Published: August 25, 2008

Updated: 08/25/2008 02:26 pm

TAMPA - Here, finally, may be some good news for those looking for evidence of a housing turnaround.

Sales of existing homes bounced 5 percent in the Tampa Bay area in July compared with the same month a year ago, according to data released today by the Florida Association of Realtors.

That's the largest increase in sales of single-family, existing homes since the sales downturn began in early 2007 and comes after a modest 3 percent decline from May to June. The only other time there was a 12-month increase was in April, when sales edged up 1 percent from a year ago.

In the Bay area, which includes Tampa, St. Petersburg and Clearwater, 2,174 homes changed hands in July, up from 2,068 in July 2007.

In Florida, sales were flat. There were 11,498 homes sold in July, an increase of only eight sales from a year ago.

The monthly sales comparisons in Florida aren't as good.

Locally, there were 7 percent fewer sales in July, when 2,174 homes sold, than in June, when 2,346 homes sold.

Statewide, there were 2 percent fewer homes sold in July than in June. There were 11,700 homes sold in June, compared with 11,498 sales in July.

But the year-over-year increases locally are a bit of a surprise. Experts say the increases are due to bargain hunters taking advantage of short sales and foreclosure deals, and the drop in home prices appear to back up that theory.

The median sale price in the Tampa Bay area fell 18 percent to $176,500. It was $215,600 in July 2007.

Statewide, the median sales price fell 19 percent, from $238,900 to $193,600.

In a separate report, the National Association of Realtors says sales fell when compared to a year ago, but were up in the short term.

Nationally, sales of existing homes rose 3.1 percent in July, compared to the previous month.

But sales were 13.2 percent lower than a year ago, and prices were down, although not as dramatically lower than Florida. The median price for a home sold in July dropped to $212,000, down by 7.1 percent from a year ago.

Despite the third monthly sales jump this year, the number of unsold single-family homes and condominiums rose to 4.67 million, the highest number since 1968, when the Realtors group started tracking the data.

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

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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