Tampa Real Estate Market In Trouble
According to the carefully followed S&P Case-Shiler housing index, the value of residential real estate rose in February. Of the 20 cities measured, only one saw a drop. Tampa was down 1.46%, while the national figure was 3.87%.
New York had the largest jump at 7.7%.
Nicholas Godec, CFA, CAIA, CIPM, Head of Fixed Income Tradables & Commodities at S&P Dow Jones Indices, commented, “Buyer demand has certainly cooled compared to the frenzied pace of prior years, but limited housing supply continues to underpin prices in most markets. Rather than broad declines, we are seeing a slower, more sustainable pace of price growth.”
National Index
Case-Shiller also compares home price trends to those in 2000. The national index was 1000 in 2000 and reached 324,92 in February. Tampa’s figure was 374.23.
Tampa has been one of the fastest-growing cities in the US for the last two decades. Its population was 303,447 in 2000 and 403,364 in 2023.
One reason for the drop in Tampa prices may be hurricanes. Last year, Hurricanes Helene and Milton badly damaged Tampa. Among the effects of this is sharply rising home insurance. Without home insurance, people cannot get mortgages.
Some people simply do not want to be in the path of storms, particularly as they get stronger due to climate change.
More from ClimateCrisis 247
- Houses Too Dangerous To Live In Due To Heat
- Temperature In Phoenix To Top 100 For Nine Days
- Wildfire Smoke Invades People’s Houses
- Texas Faces Blackouts In 100 Degree Heat
