Tampa Real Estate Continues To Fall As Miami Softens

S&P CoreLogic Case-Shiller Indices for April was released today.  Prices were up by 2.7% from the same month a year ago. Tampa’s number was the weakest among the 20 metros measured, down 2.15%. Miami underperformed the nation, rising only 1.38%.

The national increase pace was worrying, which means the weakest markets could get weaker. “The housing market continued its gradual deceleration in April, with annual price gains slowing to their most modest pace in nearly two years,” said Nicholas Godec, CFA, CAIA, CIPM, Head of Fixed Income Tradables & Commodities at S&P Dow Jones Indices. “

Most of the best-performing cities were in temperate parts of the US. The figure for Detroit was up 5.5%. The figure for Cleveland rose 5.18%. The number for Chicago was up 6.02%. And for New York, it rose 7.95% which was the highest among all cities. 

Tampa Weather

It is not clear why the Tampa figure is weak. Anecdotally, people have begun to leave Florida cities due to hurricanes, tornadoes, and flooding. Among the additional reasons is that these events have driven up insurance rates. In some cases, people cannot get mortgages without insurance.

If there is a US population from the south to the north, prices in places like Detroit will continue to rise.

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