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Tampa Bay Home Prices Fell 20.9 Percent In A Year

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By SHANNON BEHNKEN | The Tampa Tribune

Published: January 27, 2009

TAMPA - Home prices in the Tampa Bay area continued to fall in November, posting a 20.9 percent decline, according to the S&P/Case-Shiller home-price index, released this morning.

The index is closely monitored by housing experts and considered a key indicator in the direction of the housing market. The index tracks 20 metro areas and showed prices fell 18.2 percent from November 2007, a record decline.

"The freefall in residential real estate continued …" said Daivd Blitzer, chairman of the index committee.

The Phoenix and Las Vegas areas posted the largest declines, at 32.9 percent 31.6 percent, respectively. More than half of the metro areas tracked showed record annual declines.

Miami, the other Florida city tracked by the index, posted a 28.7 percent decline.

Bay area prices continued a trend of falling prices, and experts say the index is likely to show even further declines next month. That's because the index, which compares prices to the same month a year ago, lags two months. Prices fell 19.8 percent in October and 18.5 percent in September.

The 20-market index shows prices are now at levels similar to the first quarter of 2004. Prices have dropped 25.1 percent from the peak in mid-2006.

Reporter Shannon Behnken can be reached at (813) 259-7804.

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