Miami, Tampa Home Prices Soar

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TALLAHASSEE (CBSMiami/NSF) – The Miami and Tampa areas had immoderate of the country’s largest increases successful location prices implicit a year-long play that ended successful October, according to a study released Tuesday.

Tampa and Miami trailed lone Phoenix successful home-price increases successful 20 metro areas measured by the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index.

The Tampa country had a 28.1 percent summation from October 2020 to October 2021, portion the Miami country had a 25.7 percent increase. The Phoenix country had a 32.3 percent increase, according to the index.

Overall, the 20 metro areas saw an 18.4 percent increase, portion the nationalist summation was 19.1 percent.

Craig J. Lazzara, managing manager astatine S&P Dow Jones Indices, said successful a prepared connection that prices were “strongest successful the South and Southeast” but that metro areas successful each portion had double-digit increases.

“We person antecedently suggested that the spot successful the U.S. lodging marketplace is being driven successful portion by a alteration successful locational preferences arsenic households respond to the COVID pandemic,” Lazzara said. “More information volition beryllium required to recognize whether this request surge represents an acceleration of purchases that would person occurred implicit the adjacent respective years oregon reflects a much imperishable secular change.”

The information bespeak what has been a blistery real-estate marketplace successful Florida. While that has been bully for sellers, it besides has fueled concerns astir affordable lodging successful the state.

In a study released Nov. 22, the manufacture radical Florida Realtors said the state’s lodging marketplace successful October had higher prices, much currency income and choky inventories compared to a twelvemonth earlier.

“In markets crossed the state, the for-sale inventory continues astatine debased levels, and that puts unit connected prices and besides impacts closed income — immoderate buyers whitethorn person paused their location hunt for now,” Florida Realtors President Cheryl Lambert, broker-owner with Only Way Realty Citrus successful Inverness, said successful a prepared connection Nov. 22, “Last period (October), the median clip to a declaration was 12 days for single-family homes and 15 days for condo-townhouse properties.”

Florida Realtors said the statewide median income terms for single-family existing homes successful October was $358,950, up 17.7 percent from the erstwhile year. The statewide median terms for condominium and townhouse units was $260,000, up 17.6 percent from October 2020.

The nationalist study released Tuesday said different areas with the largest increases successful location prices implicit the year-long play included Las Vegas, Dallas and San Diego. Tampa and Miami were the lone Florida markets included successful the report.

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(©2021 CBS Local Media. All rights reserved. This worldly whitethorn not beryllium published, broadcast, rewritten, oregon redistributed. The News Service of Florida’s Jim Saunders contributed to this report.)