Tampa Real Estate Prices Tumble
According to the S&P CoreLogic Case-Shiller Indices for December, its U.S. National Home Price NSA Index rose, as home prices jumped by 3.9% yearly. Of the 20 cities measured, Tampa was the only one with a drop over the same period.
Brian D. Luke, CFA, Head of Commodities, Real & Digital Assets at S&P Dow Jones Indices. “National home prices have risen 8.8% annually since 2020, led by markets in Florida, North Carolina, Southern California, and Arizona.” He also noted that recently, home prices had weakened in Tampa, San Francisco, and San Diego, and sharp increases had occurred over the last decade.
Tampa Year Over Year
In December, home prices dropped 1.1% in Tampa year over year. This number is notable only because of its earlier strength. It also contrasts the healthiest markets, where prices rose over 6% during the same period. Boston was up 6.35%, and Chicago was higher by 6.6%.
The study authors do not give specific reasons for each city’s damage. However, Tampa was damaged by hurricanes just before December. Hurricane Helene damaged the city in September, and Hurricane Milton hit it harder in mid-October.
More Than A Month
One month does not make a pattern, so Tampa’s drop is not a trend unless it continues early this year.
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