Real estate market in Tampa is slightly down

Real estate market in Tampa is slightly down

The real estate market in Tampa, Florida, shows first signs of cooling, as pending home sales reduce year-on-year and asking prices keep dropping. However, housing prices are still 27.6% higher than in June 2021.

There are many mass media forecasts of the impending market crash, but the current data does not confirm these expectations.

Statistics over the past month shows only the first signs of market cooling. The number of new listings increased by 4.2% last month compared to June 2021, while the pending sales dropped by 1.4%.

This June, the asking price was lowered for 42.1% of listings, which is 12.4 percentage points higher than the June 2021 performance. The buying capacity is down because the mortgage rates exceeded 5% for the first time in 10 years. The number of mortgage applications nationwide has reduced by 24%. An average of 6.5% lowered their asking price every week in June, according to the latest market data from Redfin.

Pending sales reduced by 13% in June compared to the same period last year. At the same time, the inventory in the real estate market is still extremely low, which is why home prices keep growing.

There are no significant changes in the Tampa market yet – only the first signs of a slight market cooling.

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