Good news – 5% more homes sold in the Tampa Bay area in July 2008 compared to July 2007 (see story). The celebrating is tempered by the pricing data, however, as the median sale price has fallen 18 percent to $176,500 during the same period. The median price peaked at $239,600 in June 2006, then tumbled to $215,600 in July 2007, and now rests at $176,500. There are 4 keys to stabilizing this market: keeping interest rates low; resolving the uncertainty surrounding Fannie Mae / Freddie Mac; sorting out the credit crunch; and selling off the REO / Foreclosure / Short Sale inventory.
- by dale bohannon
