Tampa Bay Housing Market: No Bubble, But Recession Looms

Report: Tampa Bay is not in a housing bubble, but recession could be near

bizjournals bizjournals | 1 year ago

As home prices continue to break growth records, a panel of housing experts and economists surveyed by Zillow do not believe the market is in a bubble. The latest survey polled more than 100 experts from academia, government and the private sector to seek a consensus opinion on the state of housing and the outlook. Sixty percent of respondents said they do not believe the U.S. housing market is currently in a bubble, compared to 32% who think the country is in a bubble; 8% said they were uns...

Report: Tampa Bay susceptible to a housing downturn amid recession

bizjournals bizjournals | 1 year ago

The Tampa Bay housing market has reaped the benefits of people migrating to the area during the Covid-19 pandemic, but a Redfin report finds that may be coming to an end soon. Areas where home prices soared during the pandemic, such as Tampa Bay, are most likely to amplify the effects of a housing downturn and declining home prices if the economy goes into recession. Redfin analyzed housing markets in the 98 U.S. metros where sufficient data was available using several housing-related indica...

Report: Tampa Bay residents support affordable housing measures

bizjournals bizjournals | 2 years ago

The research team surveyed 12,000 people in 26 metro areas.

Report: Home prices drop, but Tampa Bay homebuyers see little relief

bizjournals bizjournals | 1 year ago

The latest reading on the U.S. housing market shows signs of a shift, but there is still minimal price relief for buyers. A report from online brokerage Redfin shows that 15% of home sellers dropped their asking price during the four-week period ending May 1, compared to 9% of sellers during the same period a year ago. This is the largest annual gain on record in Redfin’s weekly housing data, tracked through 2015. The report also states that new homebuyers have been squeezed out of the marke...

Report: Tampa Bay housing market shows signs of cooling down

bizjournals bizjournals | 1 year ago

Last month may go down as a turning point in the red hot housing market since the coronavirus pandemic's start. A new report from real estate listings website Realtor.com found that the number of new listings to hit the market last month rose for the first time since June 2019 nationwide. As a result, May home shoppers had 8% more active listings to scroll through than they did last year. In Tampa Bay, new listings increased by 11.2% year-over-year with a median price of $437,000, a 30% inc...

Report: Tampa Bay housing prices up 70% since 2019

bizjournals bizjournals | 1 year ago

Although the housing market is cooling across the nation, home prices in the Tampa Bay area are still far higher than before the pandemic, according to the latest Zillow report. Home sales are slowing down as rising mortgage rates drive up monthly payments. The data shows that newly pending listings nationwide are down 18% from August and 29% since 2021 across the U.S. as affordability challenges mount. Homes in Tampa Bay saw a typical home value of $391,114, a 0.2% decrease since August, ...

Report: Homebuilding in Tampa Bay slows down as housing market cools off

bizjournals bizjournals | 1 year ago

Sun Belt metros continue to be one of the hottest places for homebuilders throughout the nation, according to a new report that highlights which areas need it the most as inventory continues to dwindle. Seattle-based Redfin Corp. (NASDAQ: RDFN) recently found that 49 of 53 U.S. metropolitan areas with more than 1 million residents issued more single-family building permits per capita in the first quarter than they did on average in the 10 years before the pandemic. While homebuyer demand has s...

Tampa Bay housing inventory continues to rise, report shows

bizjournals bizjournals | 1 year ago

Housing inventory rose for the third consecutive month in July, as active listings were up 30.7%, according to a Realtor.com report. The report highlights that while buyers had nearly a third more for-sale home options in July than in the previous year, competition remained in favor of sellers, with listing prices near all-time highs and homes selling faster than before the start of the pandemic. “The U.S. housing market continues to move toward more evenly balanced supply and demand com...