TAMPA, Fla. — Home prices in Tampa rose at the highest level of any of the country's top 20 metro areas in July, according to a new report from CoreLogic.
The report found Tampa's year-over-year home price increase in July stood at 29.7%. Tampa's increase was just ahead of Miami, which ranked second in the nation at 29.7 percent year-over-year.
Nationally, the CoreLogic report found home prices remained elevated at 15.8% growth year-over-year. However, CoreLogic found home price growth was slowing for the third consecutive month, with prices even declining (-0.3%) month-over-month from June to July.
“Even though annual price growth remains in double digits, the month-over-month decline suggests further deceleration on the horizon," said Selma Hepp, interim lead of the Office of the Chief Economist at CoreLogic. "The higher cost of homeownership has clearly eroded affordability, as inflation-adjusted monthly mortgage expenses are now even higher than they were at their former peak in 2006.”
CoreLogic forecasted a much cooler housing market by July 2023, with year-over-year home price appreciation slowing to 3.8%.
