NewsPrice of Paradise

Actions

Home sales finally slowing down, prices leveling off after record growth: Zillow

pop house housing neighborhood WFTS ERIK.png
Posted at 4:37 PM, Sep 20, 2022
and last updated 2022-09-20 18:02:00-04

PASCO COUNTY, Fla. — A new report from Zillow shows Florida's housing market may finally be settling down.

Jody Dejute has his home in Trinity all ready to go on the market, and despite reports home values may have plateaued or even started to drop after record growth, he said it’s still a great time to sell.

“Might not be the abundance of buyers we had in the past where you have ten offers in one day. But we still believe that you can have multiple offers from multiple buyers because the inventory is still low especially out here in Pasco County," said Dejute.

Jody’s realtor Annie Rocks, of The Rocks Team Realtors, said the interest rate hike is one reason home sales are slowing down. But she said the supply shortage should prevent any kind of crash.

“That’s going to help keep our market solid because we still have so many people moving here. We have such high demand and we still don’t have enough houses," said Rocks.

Gilbert Bennett is a mortgage loan originator and said his clients are having an easier time finding homes in recent weeks.

And despite higher rates, he said it’s still a good time to buy.

“Anytime you buy a home, the time in my opinion is now because you miss out on equity. You miss out on growth. You miss out on your return on investment when you wait.”

In the last year, some home prices in Pasco County have gone up about 50%, and Jody is ready to cash in.

“Some of the houses in here, what they’ve gone for it’s been amazing for sellers and buyers because people bought in and still went past the mark where they bought so they are still going to have a lot of equity in their home and continue to into the future," he said.

According to a Zillow report, the average price of a home in Tampa last month was $391,497.

However, prices were still 26.4% higher than a year ago in Tampa.

On the other hand, 37% of homes in the Tampa market saw price cuts.

WHAT IS THE PRICE OF PARADISE?
As Tampa Bay continues to attract new residents and businesses, the impact of living in paradise comes at a cost for all of us— from the increasing cost of housing and infrastructure to utilities and insurance. ABC Action News is committed to helping you and your family make the most of your money and navigate through the Price of Paradise.