Tampa Sees Increase in Median Sales Price

Despite an uptick in mortgage rates, along with signs of a lull in economic growth, existing single-family homes in Florida reached a statewide median sales price of $246,300 for fourth quarter 2005, an increase of 29 percent from the year before, according to the Florida Association of Realtors.

Following in the financial foot steps of Bradenton, the Tampa Bay housing market showed a significant increase. Its median sales price rose 33 percent to $233,900 (from $168,500 in the fourth quarter of 2004).

Across the state, there were reports of rising inventory levels of homes for sale, which is good news for buyers after a long period of extremely tight supply in most markets. The Tampa Bay market reported 11,653 homes sold during the period, up 4 percent from the 11,215 homes sold during the same period last year.

This was the busiest sector in the state, followed by Orlando (8,074) and Jacksonville (4,285).

Median home prices in Florida had dropped in December, so this is encouraging news. Those seeking a Florida home loan should be excited about the healthy market in the region.