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Home Sales Rise 1% Across Tampa Bay Area

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By RUSSELL RAY | The Tampa Tribune

Published: June 26, 2008

TAMPA - For the first time in two and a half years, home sales in the Tampa Bay area increased while condominium sales continued to plunge.

In May, real estate agents sold 2,270 single-family homes in Tampa, St. Petersburg and Clearwater, up 1 percent compared with the same month last year, according to figures released Thursday by the Florida Association of Realtors.

It's the first year-to-year increase in Bay area home sales since November 2005, when the median price was $222,900, the association said.

Meanwhile, local condominium sales plummeted 16 percent to 511, compared with May 2007.

Statewide, 12,175 single-family homes were sold in May, down 5 percent compared with the same month in 2007. The median sales price fell in Florida from $239,000 in May 2007 to $203,300 last month, a 15 percent decline.

"Bargain hunters have entered the market en masse, especially in areas that have experienced double-digit price declines," said Lawrence Yun, chief economist for the National Association of Realtors.

In the Tampa Bay area, the median sales price for single-family homes was $176,100 in May, down from $209,300 in May 2007.

Florida real estate agents sold 8.7 percent more single-family homes in May than the 11,200 homes sold during the previous month. Condo sales in May totaled 4,018, a 3 percent increase compared with condo sales in April.

"Once again, several of Florida's metropolitan statistical areas reported gains in existing home sales for the month," the Florida Association of Realtors said in a statement. "Realtors around the state reported an increase in buyer interest in their markets, noting more showings, telephone calls and other business activity."

Home sales typically rise in the spring.

During the one-month period, the median price for single-family homes and condos also rose. The median home price rose from $198,900 in April to $203,300 in May. The median price for condos jumped from $179,200 in April to $181,800 in May, according to the association.

Last month, interest rates for a 30-year fixed-rate mortgage averaged 6.04 percent, down from 6.26 percent in May 2007.

Nationally, 4.99 million single-family homes sold in May, 16 percent below the 5.93 million homes sold in May 2007, a report from the National Association of Realtors showed.

Reporter Russell Ray can be reached at (813) 259-7870 or rray@tampatrib.com.

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