Study shows Tampa home prices drop 3.2 percent from last year

TAMPA - A national gauge of home prices ticked up in July for the fourth straight month, but many cities are bracing for declines in the year ahead.

The price increases were fueled by now-expired homebuyer tax credits. With the peak buying season over, a record number of foreclosures, job concerns and weak demand from buyers are pushing prices down.

The Standard & Poor's/Case-Shiller 20-city home price index released Tuesday increased 0.6 percent in July from June. The monthly changes are based on a three-month moving average for May, June and July.

Sales in May and June were inflated by the government tax credits. July had the slowest sales pace in 15 years.

Twelve cities showed monthly price gains, while Cleveland's prices were flat.

However, seven cities showed month-over-month declines and the gains in many cities were weaker from the previous month.

The biggest monthly price increases were in Detroit, New York and Washington. All three cities had price increases of roughly 1 percent.

Las Vegas and Phoenix had the largest declines of 0.8 percent and 0.6 percent, respectively, however prices were up 3.4 percent from last year in Phoenix.

Nationally, prices have risen almost 7 percent from their April 2009 bottom. But they remain nearly 28 percent below their July 2006 peak.

Most experts predict about 5 million homes will be sold this year. That would be in line with last year and just above 2008, the worst sales performance since 1997.

The Standard & Poor's/Case-Shiller 20-city home price index released Tuesday posted a 0.6 percent increase in July from June and was up 3.2 percent from a year ago. Twelve cities showed monthly gains. Seven recorded declines. Cleveland's prices were flat.

Home sales were boosted by now-expired tax credits. The housing market has weakened since and price declines are expected in many markets into next year.

Here's a look at how the cities in the index performed compared with a month earlier and a year earlier.

• --Atlanta: Up 0.2 percent from June, down 0.2 percent from last year.
• --Boston: Up 0.6 percent from June, up 2.8 percent from last year.
• --Charlotte, N.C. : Down 0.2 percent from June, down 3.5 percent from last year.
• --Chicago: Up 1.0 percent from June, down 1.7 percent from last year.
• --Cleveland: Unchanged from June, down 0.6 percent from last year.
• --Dallas: Down 0.3 percent from June, down 0.4 percent from last year.
• --Denver: Down 0.4 percent from June, down 0.1 percent from last year.
• --Detroit: Up 1.6 percent from June, up 1.3 percent from last year.
• -- Las Vegas, down 0.8 percent from June, down 4.9 percent from last year.
• --Los Angeles: Up 0.3 percent from June, up 7.5 percent from last year.
• --Miami: Up 0.7 percent from June, up 0.4 percent from last year.
• --Minneapolis: Up 0.8 percent from June, up 6.4 percent from last year.
• --New York: Up 1.3 percent from June, up 0.6 percent from last year.
• -- Phoenix: Down 0.6 percent from June, up 3.4 percent from last year.
• --Portland, Ore.: Down 0.3 percent from June, down 1.2 percent from last year.
• --San Diego: Up 0.7 percent from June, up 9.3 percent from last year.
• -- San Francisco: Up 0.5 percent from June, up 11.2 percent from last year.
• -- Seattle: Up 0.1 percent from June, down 1.6 percent from last year.
• -- Tampa, Fla.: Down 0.2 percent from June, down 3.2 percent from last year.
• -- Washington: Up 1.1 percent from June, up 6.5 percent from last year.