Home Prices Have Fallen A Third Since 2006

According to the latest S&P/Case Shiller home price index, home prices in the Tampa Bay area have fallen almost a third since peaking in July of 2006. Essentially, this means if you purchased a home at the top of the market in 2006 for $300,000, it is today worth about $200,000.

I really like the S&P/Case Shiller report because I believe them to be exceptionally accurate. Rather than look at median prices for the area, Case Shiller tracks repeat sales of individual homes.

The most recent report showed that much of the loss occurred between November 2007 and November 2008 with a loss of about 21 percent in value during that twelve month period alone.

Tampa Bay was the seventh hardest hit metropolitan area of the 20 cities tracked by the index. Phoenix, Las Vegas, and San Francisco sustained price drops of 30 percent for the year ending in November. Miami was Florida's hardest hit area with a yearly price drop of 28.7 percent and a drop of some 38 percent since 2006.

Sellers would be well advised to keep these drops in mind when considering offers and determining their asking prices for real estate.

For more information about real estate in the Tampa Bay area, visit my website at http://www.thestpeterealestatesite.com/.

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