S&P/Case-Shiller report: Tampa Bay home prices down 3.2 percent

By Jeff Harrington, Saint Petersburg Times Staff Writer Posted: Sep 28, 2010

Tampa Bay area home prices have fallen 3.2 percent compared to a year ago, the third highest drop among 20 metro markets tracked in the S&P/Case-Shiller home price index.

The index released Tuesday morning showed home prices nationwide were up 3.2 percent from a year ago, with half the cities up for the year, some strongly. But the growth rate weakened considerably in July with the phase-out of homebuyer tax credits crimping sales this summer.

Hardest-hit markets over the year were Las Vegas, down 4.9 percent, and Charlotte, N.C., down 3.5 percent. On the flip side, California led the market rebounders: San Francisco prices were up 11.2 percent since July 2009, followed by San Diego (up 9.3 percent) and Los Angeles (up 7.5 percent).

Between June and July, Tampa Bay home prices were down a fraction, 0.2 percent., one of eight metros with a monthly drop.

Unlike some home price measures based strictly on current sales, Case-Shiller's index tracks the actual value of specific single-family homes over time. Condominiums are not included.

Comment: As is the case, all median pricing is considered micro market and Case-Shiller paints with a very broad brush. I have found that school districts are playing a very significant role in home valuation dynamics. My research has shown evidence indicating median sales price increases in those areas where public schoools are A rated. Something to ponder.