SI Real Estate Tampa and The Beaches

As summer comes to an end, we take a look back to reflect on what has transpired over the last few months, especially in the Tampa Bay area real estate market. On a national level, the real estate market saw an increase of 2.3 percent in existing home sales, while Tampa Florida experienced similar gains. Tampa, Florida saw an increase in median sales price of approximately $15,000 compared to this time last year. New construction home sales also saw a jump in the right direction, boasting a 25 percent increase according to a recent report by the Commerce Department. This increase can partly be attributed to the record low interest rates and shrinking home inventory the state has been experiencing this year. If the jobless rate continues to shrink as we have seen this year, the affordability rate will undoubtedly rise, causing more and more consumers to enter the home purchasing arena. The National Association of Realtors reports a 9.4 percent increase in home prices compared to