Tampa Real Estate Market Suffers As Miami Softens
The most carefully followed measurement of home prices in America is the S&P CoreLogic Case-Shiller Indices. It measures prices every month, both nationwide and in America’s top 20 real estate markets. In May, home prices nationwide rose 2.4% year over year. Of all markets, Tampa had the worst results, down 2.4%. Miami’s prices were much less than the local figure and were only .55%.
The trend in Florida is new. Florida’s major cities have had an influx of pollution for years. This has driven up home prices and made them some of the hottest residential markets in the country. One proof of this is that Case-Shiller took its 20 cities in 2000 and gave all an identical index of 100. Since then, the national index has risen to 331. Miami’s figure is 442, Tampa’s is 378. By contrast, Detroit’s is 197, and Cleveland’s is 201.
Will The Drop Continue?
Case-Shiller does not give reasons for the rate at which home prices rise or fall. That leaves the movements of Florida prices as a guess.
Florida’s real estate market has been battered by at least two problems. The weather has been severe. In the last year, this is particularly true of Tampa which has been hit by two strong hurricanes–Milton and Helene. Thousands of houses were destroyed or damaged. That, in turn, has driven home insurance rates higher. Case-Shiller will show for certain, but the trend is likely to continue.
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