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Tampa Home Prices-Where Are They Now?
August 27th, 2008 categories: Real Estate Market Reports, Tampa Home Buyer Tips
So the much anticipated Case-Shiller Home Price Indices were published yesterday for the month of June, 2007 (there is a 2 month lag). And with it came a very positive headline in the Tampa Tribune today: Tampa Home Prices Stabilize. While the drop in the May to June Tampa index was slightly more than the April to May drop, we’ve now had 2 consecutive months in which the drops in the index are no where near the drops we saw earlier this year and in late 2007 (the year-year drop was about 20%). More evidence that home prices in Tampa are beginning to stabilize, along with sales activity. Below is a graph of the Case-Shiller Tampa numbers for the previous 12 months:
See the Case Shiller numbers:
or
Case-Shiller June 2008 Summary
My take on this? We are not at the bottom certainly. I do think the biggest and fastest of price reductions/falling values are behind us. But there is just too much inventory, especially distressed inventory, to work through. There is also nothing on the horizon to create more demand, and in fact it is arguable that there is more reason to see less demand (interest rates, consumer confidence) going forward. And those who want to buy? Can they qualify? All of this points to more downward pressure on prices.
But the leveling of falling values and the leveling of sales declines is certainly welcome. Both trends should increase buyer confidence.
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