TAMPA, Fla. — For local home buyers hoping the holiday season might bring some relief for home prices, the latest S&P Case-Shiller Home Price Index will be quite a Scrooge.
According to the index, Tampa ranked second in the nation for highest year-over-year home price gains among the 20 cities surveyed in September. Tampa's prices increased 23.8% year-over-year for September, second only to Miami, which was first in the nation at 24.6%.
Still, even though the year-over-year gains are high, the Case-Shiller index shows the prices may have already plateaued in the Tampa area. Month-over-month gains slowed nationally, and in the Tampa area, Case-Shiller found.
It's a trend that may continue over the next several months.
As the Federal Reserve continues to move interest rates higher, mortgage financing continues to be more expensive and housing becomes less affordable," Craig J. Lazzara, managing director at S&P DJI said in a statement. "Given the continuing prospects for a challenging macroeconomic environment, home prices may well continue to weaken.”
Overall, Tampa showed a decline in home prices, month-over-month, of -0.9% from August to September and -0.4% from July to August.