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Local Home Prices Declined In January
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Published: February 25, 2008
TAMPA -- January was a tough month for home sales in the Tampa Bay area.
The median sales price for pre-owned homes continued to slide, coming in at $187,100, a 15 percent drop from $220,100 during the same month last year, according to the Florida Association of Realtors.
The number of homes sold fell 24 percent. There were 1,235 homes sold in the Tampa-St. Petersburg-Clearwater area in January, down from 1,627 sales in January 2007.
The condo market didn't fare much better.
The median sales price was $159,500, a 13 percent drop from $183,600. Sales fell 12 percent to 333 in January.
Economists and real estate agents blame the credit crunch and sluggish economy.
Many buyers are still on the fence, despite falling prices. When buyers do decide to make a purchase, some don't qualify for loans as easily now as they did during the housing boom. That's because lenders have tightened credit standards, economists say.
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