TAMPA, Fla. (WFLA) — Florida Realtors reported 85,328 homes were sold in the second quarter of 2022. Tampa, not for the first time, was where 15% of the state’s home sales happened. The next closest part of the state for portion of sales was Miami. The Tampa area remains the spot in Florida with the most home sales in the state, proportionally.
The number of single-family homes sold in the Tampa metro area from April to June 2022 was 13,012. The Miami market area had 12,441 homes sold in the same time period. While the median sale price for Florida was $417,000, Tampa’s was $411,000 and Miami’s was $589,000.
According to Florida Realtors, the year-over-year sale levels in Tampa matched the state’s, with a 13.3% decrease. However, Tampa home prices were up 28% compared to the previous year. In Miami, home prices were up 21.4% and sale levels had fallen 20.8%.
The market with the largest drop in sales for the quarter was in Indian River County, where home sales fell 27.2% and prices were up 19.7%.
Price escalation came to Florida as mortgage rates increased. The current measure of mortgage interest rates for a 30-year fixed rate mortgage was 5.54% as of Thursday. Federally backed mortgage company Freddie Mac reports the rate levels every Thursday.
“The housing market remains sluggish as mortgage rates inch up for a second consecutive week,” Sam Khater, Freddie Mac’s Chief Economist, said. “Consumer concerns about rising rates, inflation and a potential recession are manifesting in softening demand. As a result of these factors, we expect house price appreciation to moderate noticeably.”
Freddie Mac reported that at this time in 2021, the mortgage rate was 2.78% for the same mortgage type.
For just the month of June, Florida Realtors reported Tampa had 4,387 home sales close, down 16.5% compared to June 2021. The median sale price had also risen 25.9% from June to June, at $418,000. Statewide, June saw 28,296 single-family home sales close, meaning the Tampa area had 15.5% of all home sales in Florida. June’s median sale price was $420,000 in the state and sales levels statewide were down 17.2% compared to June 2021.
Florida Realtors analysts said the lower sales levels meant available inventory levels were up.
“Nearly 21% (20.9%) fewer existing single-family homes went under contract in June compared to a year ago,” Florida Realtors Chief Economist Dr. Brad O’Connor said. “In combination with a 13.2% year-over-year increase in new listings for single-family homes, this led to a hefty increase in end-of-month inventory, which is now about twice what it was only four months ago at the end of February. At this rate, we will be back at pre-pandemic inventory levels for single-family homes by the end of summer.”