TAMPA, Fla. (WFLA) — The state of Florida’s median home price reached $420,000 for a single-family home in May. That’s up an additional $10,000 from the month before, continuing a months-long streak of home price increases in the Sunshine State. In Tampa, the median home price has now reached just over $413,000.
Alongside other trends that have continued, the Tampa metro area is again the location with the biggest proportion of home sales in the state in May.
Florida Realtors reported the Tampa-St. Petersburg-Clearwater market had 4,406 home sales in May, out of the state total of 28,861. That means despite the increased home prices, 15.2% of Florida’s home sales happened in the Tampa area.
Florida Realtors reported the median home price in North Port and Sarasota was $522,888, up 29.5% in the past year. Still, the number of home sales did decrease, as stresses like increased mortgage rates and continually decreasing inventory added challenges to the housing market. Tampa’s home sales dropped 7.5%, as did those in the Sarasota area, according to Florida Realtors.
Year-to-date, Tampa remained the market with the biggest number of sales, proportionally, in the state of Florida, at 15.4% of all home sales in the state.
Redfin, a real estate company, reported that two Florida markets had the country’s highest price growth in May. “North Port had the nation’s highest price growth, rising 30.5% since last year to $475,000. Tampa came next at 28.1%,” according to the company.
Additionally, Redfin said that while home prices had increased 1.5%, home sales fell 10% overall, while demand for luxury homes sank 17.8%. As the home sales fluctuated in May, Florida Realtors reported the number of cash sales, meaning paid in full, had gone up almost 5%.
The report said the state median sale had increased, year-over-year, from $344,900 in May 2021 to $420,000 in May of this year, a 21.8% overall increase. The average sale price, versus the median, was $602,558 in the past month.
However, new pending sales had dropped 13.1% to 28,403. New listings increased, from 34,298 to 37,804, a 10.2% rise. Overall, inventory was up 31.5%, according to the Florida Realtors report on single-family homes. Closed sales in May were down almost 7% compared to the previous year.
Florida Realtors said the months supply of inventory “is a useful indicator of market conditions,” with the “benchmark for a balanced market” being 5.5 months of inventory. Just over 40,000 homes were actively listed in May 2022, equal to what the company said was 1.4 months’ supply of inventory.
