Record Sales of Tampa Homes Helped Push Up Home Sales Nationwide

Published by nora | Filed under Buyer / Seller Tips, Market Trends, Miscellaneous, Real Estate

Double-digit increases in sales of Tampa homes in January helped push up U.S. home sales during the month, based on the National Housing Report released by ReMax.

Home sales in Tampa shot up by 21.8 percent in January compared to total sales during the same month last year. Among the six cities hardest hit by the foreclosure crisis that experienced exceptional sales growth rates year-over-year in January, Tampa was second in growth rate. The six cities had the following rates of year-over-year home sales increases:

• Miami, Florida   –   29.5 percent
• Tampa, Florida   –  21.8 percent
• Richmond, Virginia   – 20.5 percent
• New Orleans, Louisiana   –  16.9 percent
• Phoenix, Arizona   –  16.5 percent

Nationwide, the surge in home sales in January was 0.7 percent compared to sales in January last year. The increase was pushed by several key cities which posted double-digit increases in sales. Home sales figures are gathered from MLS data in 54 large metropolitan areas across the country and include all types of residential properties.

Despite the surge in home sales, the nationwide median sales price dropped by 4.6 percent from the median in January last year to $178,017 in January this year. Compared to the previous month, the median sales price also decreased. The drop was deeper, with 6.6 percent. The median sales price in January last year was $186,610.

Nevertheless, 17 key cities posted year-over-year increases in median sales prices. Of these cities, five cities experienced significant increases:

• Jackson, Mississippi  –  20.9 percent
• Indianapolis, Indiana  –  9.4 percent
• Pittsburgh, Pennsylvania  –  9.1 percent
• Tulsa, Oklahoma  –  5.9 percent
• Washington, D.C.  –  3.3 percent

The ReMax study also showed that homes took more days to sell in January as homes for sale averaged 99 days, up from 91 days in January 2010 and 96 days in December 2010. For four consecutive months up to January, homes for sale stayed on the market for over 90 days.

In the 54 metro areas surveyed, the inventory of homes for sale dropped in January by 5.6 percent over the year and dropped 3.6 percent over the month to a supply of 10.1 months. For the six-month period to January this year, the supply was more than 9 months, and for the three-month period to January, the supply was more than 3 months.

All in all, the surge in home sales is an encouraging development for the housing market. In Tampa, where home sales surged substantially, you can contact Tampa4U.com to find your dream home in Tampa.