TAMPA, Fla. — Home values in the Tampa area finally slowed over the past month, according to the latest Zillow estimates.
According to Zillow's home price report, average prices in the Tampa metro were unchanged month-over-month. The average price for a home, according to the Zillow Home Value Index, in Tampa last month was $391,497.
While the news month-over-month was good, prices were still 26.4% higher year-over-year in Tampa, according to the Zillow report. On the other hand, 37% of homes in the Tampa market saw price cuts.
Zillow said that affordability challenges, mortgage rate volatility and other issues are all making home buying more challenging, even as home values start to decline.
"Even buyers able to afford a house at current rates could feel frozen, waiting for mortgage rates to fall dramatically again, like they did from the end of June to mid-July, when rates dropped 50 basis points in just two weeks," said Zillow chief economist Skylar Olsen.
Overall, Zillow said the typical home value in the U.S. fell 0.3% from July to August. That was the largest monthly national drop in prices since 2011 and came after a 0.1% decrease in July.
According to Zillow, the monthly mortgage payment on a newly-purchased average home, including insurance and taxes, from $897 in August 2019 to $1,643, an increase of 83% increase.