TBO.com - TBO is Tampa Bay Online

Housing Market Slide Continues In Tampa Bay Area

ADVERTISEMENT

By SHANNON BEHNKEN | The Tampa Tribune

Published: January 24, 2008

TAMPA - TAMPA - Sales of existing homes and condominiums in the Tampa Bay area continued to fall in December, according to data released today by the Florida Association of Realtors.

The median sales price for homes in the Tampa-St. Petersburg-Clearwater area was $194,200 in December. That is down 14 percent from $226,800 during the same month last year.

Home sales fell even further – 32 percent in December compared to the same month last year. There were 1,761 sales of single-family homes in December, down from 2,607 a year ago.

The year-end picture wasn't much prettier.

The median sales price in 2007 was $209,100, down 7 percent from $224,800 in 2006. There were 24,215 sales, down 35 percent from 37,190 in 2006.

Economists expect more bad news for the Bay area housing market until next year. That is when the market is expected to gradually rebound.

Nationwide, sales of existing homes fell in December, closing out a horrible year for housing in which sales of single-family homes plunged by the largest amount in 25 years.

The median home price dropped for the entire year, the first time that has occurred in four decades. The National Association of Realtors reported that sales of single-family homes and condominiums dropped by 2.2 percent in December to a seasonally adjusted annual rate of 4.89 million units.

For the year, sales of single-family homes were down by 13 percent, the biggest drop since a 17.7 percent plunge in 1982. The median price for a single-family home dropped 1.8 percent to $217,000.

Information from The Associated Press was used in this report.

Share this:

Loading Comments...

Email Print

ADVERTISEMENT