Home Prices Improve Everywhere, Except the Tampa Market
......And Detroit and Las Vegas, or so says this month’s Case-Shiller report. The Tampa market was down .6% for the month (May), down 4.2% so far this year, and down 9.5% in the last 12 months. The only other Florida market tracked, Miami, increased 1.2% for the month. That brought the current year loss in Miami down to just 3.2% and the past 12 month loss down to 5.3%. As a reminder, Sarasota and Manatee Counties are not included in either index. You can read the S&P press release here.
I’ve already mentioned the 3 markets that lost ground (Tampa, Detroit, and Las Vegas). The biggest loser was Detroit at down 2.8% for the month and 8.9% year to date. Home prices in Detroit are just an amazing 62% of what they were in January 2000. Over the past 11 and half years, home prices in Detroit have declined nearly 38%.
The biggest winner for the month was Minneapolis at plus 2.6% which barely beat out Washington DC at plus 2.4%.
Minneapolis needed a big month as it was and is still leading the pack in losses over the past 12 months at down 11.7%. Tampa and Phoenix were tied for the third worst results over the past 12 months, both down 9.5%.
The best performing market over the past 12 months, as always, was Washington DC at plus 1.1% (your tax dollars at work). In fact, it is the only market that made any gains at all over the past 12 months.
If the results are due to inventory declines, as in our market, then you would expect the trend to continue for a while.
