Home prices: Tampa stacks up poorly against other cities

We already know about the median home price here dropping about 15 percent the past year and more than 20 percent since the 2006 price peak.

But it's interesting to note how we compare to the rest of the country. First American Corp. has done the work for us.

The company provides residential date for the mortgage industry, and shows our prices declining 9 percent in November, the last month they've counted.

We're near the bottom in that regard, but the usual suspects have done worse than us: Orlando Phoenix, Las Vega, L.A. and San Diego.

Texas owns many of the success stories. Home prices still appreciated year to year in places like San Antonio and Austin. The crude oil boom has most likely greased that skid.

Here's more if you want it.

Comments

[Fuzzy Bear]

The crude oil boom has most likely greased that skid.

I would agree with that statement if the areas were in Houston. It looks like the driving force in the San Antonio and Austin areas appears to be the growth of high tech jobs.

The 9.19 drop for the Tampa Bay area clearly shows that the area has a ways to go in further housing price drops until home prices are more closly in-line with rental costs.

The data clearly supports further price declines for the region. It appears that the region is in a state of denial regarding the falling home prices, which has lead to a large supply of inventory. The inventory will begin to rapidly increase as we get closer and closer to the key selling periods.

Bottom line, the housing market fundamentals are way out of wack for the Tampa Bay market. Until home prices align with rental costs, local incomes, etc., overpriced homes will not sell. Although I agree that Tampa Bay is a nice place to live, the sunshine and fun does not pay the mortgage.