Last week of the month so let’s look at the Case-Shiller Tampa Home Price Index. The big news is that the rate at which the index had been falling is slowing. Yep, the 2.7% drop in the index from January to February was certainly lower than the 4.4% drop from December 2008 to January 2009. But will that continue? The rate of falling values also flattened out somewhat this time last year, lasting through August (see related post). But then that bottom fell out and the rate at which prices were falling steepened once again.
So is this the beginning of a more permanent bottom? The fact that inventory is dropping, during a season in which it is typically rising, would support a “yes” answer to that question. Time will tell. And keep in mind that real estate is very, very local. The Tampa MSA is a very broad range of neighborhoods and subdivisions. The market conditions from one area to another can be (are) widely ranging. Feel free to contact us for a more detailed take on a specific neighborhood or Tampa subdivision, or use our free MarketSnapshot tool.
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