DENVER, Colo. — While parts of the nation are seeing falling home prices, the Tampa, Florida area isn't one of them, according to a new RE/MAX housing report.
According to the August report, Tampa ranked second in the nation in year-over-year price gains with median home sale prices rising from $310,000 in August 2021 to $370,000 in August 2022, a growth of 19.4%.
The RE/MAX report showed that across the 51 metro areas tracked by the realty group, the average home price was selling for 1% less than the asking price.
That was a drop from 101% in July and 104% in April. RE/MAX said the drop in price helped push overall August sales 5.3% higher than July, even as the median sales price dropped 2.4%.
The increase in sales and decrease in price also coincided with a rising mortgage rate that topped six percent this week for the first time since 2008.
RE/MAX's National Housing Report also reported new home listings dropped 12.8% from July and overall inventory was down 1.8% after four months of double-digit growth.
"Patient buyers were rewarded in August, as prices softened from July. Sales increased as buyers 'bought the dip' – which was not the trend many people were expecting. The activity modestly depleted inventory, although the number of homes for sale remains significantly higher than this time a year ago," said Nick Bailey, RE/MAX President and CEO.
If there was area Tampa home buyers might see as positive, the average days on the market for homes in the area jumped 77.4% year-over-year from 17 in August 2021 to 30 in August 2022. That was the fourth largest growth in days on the market in the RE/MAX report.
