TAMPA, Fla. (WFLA) — Housing prices in the United States rose 18.5% from July to September, but Florida’s housing market got even more expensive compared to last year.

From fiscal quarter to fiscal quarter, American homes got 4.2% more expensive. Across the state of Florida, home prices increased between 20.5% to 34.7% percent. In the middle of those price increases sits Tampa Bay.

According to a Florida Realtors study on top 100 metropolitan statistical area home price increases, the North Port-Sarasota-Bradenton and Tampa-St. Petersburg-Clearwater metros both rose over 25% compared to last year.

Compared to the previous quarter, Tampa homes got 6.5% more expensive, while Sarasota area homes got 6.6% more expensive. The price of housing in the U.S. was studied by the Federal Housing Finance Agency and published in the FHFA House Price Index. FHFA releases reports every quarter.

Florida Realtors analyzed the FHFA data to rank the top 100 metro areas by price increase in 2021.

Still, Florida isn’t alone in price increases, nor in how much more expensive it actually got. Four other states had even higher price increases than Florida, according to the Florida Realtors study and the FHFA.

“House price appreciation reached its highest historical level in the quarterly series,” said William Doerner, Ph.D., Supervisory Economist in FHFA’s Division of Research and Statistics. “Compared to a year ago, annual gains have increased in every state and metro area. Real estate prices have risen exceptionally fast, but market momentum peaked in July as month-over-month gains have moderated.”

The increased costs of buying or renting a home may be pricing out some families, but not necessarily buyers from investment corporations.

Idaho, Utah, Arizona and Montana all had their home prices increase by higher percentages than Florida in the fiscal year third quarter.

StateHome Price Increase
(Source: Florida Realtors, FHFA)

Eight Florida metros made it into the FHFA analysis, and all of them were up a minimum of 20% compared to last year. Here’s how Florida’s metro areas were ranked in terms of price increase in the top 100 metros.

  • 2. Cape Coral-Fort Myers: 34.7% year-to-year, 9.8% quarter-to-quarter
  • 8. North Port-Sarasota-Bradenton: 25.6% year-to-year, 6.6% quarter-to-quarter
  • 9. West Palm Beach-Boca Raton-Boynton Beach: 25.5% year-to-year, 5.7% quarter-to-quarter
  • 10. Tampa-St. Petersburg-Clearwater: 25.2% year-to-year, 6.5% quarter-to-quarter
  • 15. Jacksonville: 23.3% year-to-year, 9.1% quarter-to-quarter
  • 17. Fort Lauderdale-Pompano Beach-Sunrise: 22.4% year-to-year, 6.5% quarter-to-quarter
  • 24. Miami-Miami Beach-Kendall: 21.2% year-to-year, 5.4% quarter-to-quarter
  • 28. Orlando-Kissimmee-Sanford: 20.5% year-to-year, 6.3% quarter-to-quarter

FHFA calculates housing prices using seasonally adjusted, purchase-only data from Fannie Mae and Freddie Mac, according to Florida Realtors. Fannie Mae and Freddie Mac are two federally-backed and regulated mortgage companies created by the U.S. Congress in 1938 and 1970, respectively.

The next FHFA HPI report on monthly purchase prices of homes across the U.S. is expected to come out on Dec. 28 and cover October sales. The quarterly report covering data through December will arrive Feb. 22, 2022.