More Florida Mortgage Demand News: Home Sales Fall in Tampa Bay

The Naples housing market is not the only sector of the state to be struggling. Sales of single-family existing homes totaled 43,395 during the third quarter in Florida, a decrease of 34 percent compared to 65,364 homes sold during the same time a year ago.

The statewide existing-home median sales price remained stable at $247,900 during these three months; a year ago, it was $247,800. Until it drops significantly, there’s little reason to expect great pick-up in demand for Florida home loans.

Inside the Tampa Bay housing market

Housing in Tampa Bay is doing slightly worse, with sales declining 43 percent (to 8,009) from a year ago and 21 percent from last month’s 10,187. The median price increased 8 percent, to $234,000, from a year ago, and 1 percent from last month’s $232,200.

Tampa Bay’s prices peaked in June at $239,600.

In a new survey conducted by the University of Florida’s Center for Real Estate Studies, the threat of spiraling insurance rates was mentioned as the biggest concern, followed by the softening housing market as the second most-mentioned trend.

Nevertheless, even if a sharp downturn in the housing market occurs as some analysts predict, Florida will be less affected by it than other states because of the insulating effect of its high population growth rate, said Dr. Wayne Archer, director of UF’s Center for Real Estate Studies, in a release.

In other words: the Florida mortgage loan may be slowing, but it’s typically stronger than most areas of the country. This should continue to be the case heading into next year.