This morning the S&P/Case-Shiller Home Price Index has been released. The % increased in the 20 city composite continued for a third straight month at 1.6% for July over June with the July number at (-13.305) . The consensus forecast was anticipated at -14.20%. As for the Tampa home market, prices increased slightly from June to July at 1.4% from a .4% change from May to June. The year-over-year change for homes in Tampa price declines came in at a negative (-18.4%) which was better than the negative (-19.5%) we saw the prior month.
For those of you waiting to sell your existing property or have your property still on the market hoping for Prices to rebound quickly, you have a long way to go. These current numbers while not indicative of all area in the country or Tampa for that matter, does give a solid view of where home prices really are (down). We suggest if you have to sell, then price it right and if you are already in the market with no sale, it is probably due to price. In this market, at this point in time the adage needs to be “Reduce It to Move It”.
For those buyers still on the fence waiting for prices to decrease further, it is not likely. If anything you are not only missing the boat from a low price standpoint, but interest rates don’t look seem to be moving much lower either