Tampa, Miami reported highest annual home price increases in US

TAMPA, Fla. (WFLA) — Florida housing is tight. It’s been a topic of concern across both sides of the political aisle, even making it into the recent Florida governor debate.

A new S&P CoreLogic Case-Shiller Home Price Index report showed prices in Florida have gone up, at times higher than anywhere else, and it’s just a continuation of previous trends. The index is a measure of how U. S.

real estate prices change over time. It’s used to track changes in the value of residential properties across the country. Hurricane Ian caused nearly $2B in losses for Florida agriculture: report “Miami, Tampa, and Charlotte reported the highest year-over-year gains among the 20 cities in August.

Miami led the way with a 28. 6% year-over-year price increase, followed by Tampa in second with a 28. 0% increase, and Charlotte in third with a 21.

3% increase,” S&P reported. “All 20 cities reported lower price increases in the year ending August 2022 versus the year ending July 2022. ” Miami and Tampa’s 28% or higher increases were a marked difference from the 13% average for the nation.

Still, the index showed “continued” deceleration of prices across the country compared to the year before. “Despite the ongoing deceleration, August’s housing prices remain well above year-ago levels in all 20 cities. Florida continues to hold the top two spots, with Miami (+28.

6%) taking the lead over Tampa (+28. 0%),” Craig J. Lazzara, Managing Director at S&P DJI said.

“This month, Charlotte (+21. 3%) edged out Dallas (+20. 2%) and Atlanta (+20.

1%) for third position. Price growth continued strongest in the Southeast (+24. 5%) and South (+23.

6%). ” Lazzara continued, saying that the continued increase of interest rates by the U. S.

Federal Reserve was making mortgage financing more expensive, with the result of housing becoming less affordable. “Given the continuing prospects for a challenging macroeconomic environment, home prices may well continue to decelerate,” Lazzara said. USF poll ranks DeSantis, Rubio more favorable, finds moderates turned off by partisanship Two years of data from the indices shows how prices have changed over time, in the biggest cities in the country.

In just the past year, prices went up across the board and across the country. Even when prices went down from July to August, more than half of the cities examined had decreases higher than 1%, but both Florida cities on the list were much smaller decreases. MetroAugust 2022 LevelChange from July1-Year ChangeAtlanta, Ga.

233. 34-0. 4%20.

1%Boston, Mass. 311. 27-1.

2%11. 4%Charlotte, N. C.

260. 60-0. 3%21.

3%Chicago, Ill. 187. 99-0.

5%11. 3%Cleveland, Ohio175. 84-0.

1%11. 5%Dallas, Texas300. 67-1.

9%20. 2%Denver, Colo. 319.

86-2. 3%12. 0%Detroit, Mich.

172. 78-0. 6%9.

7%Las Vegas, Nev. 296. 11-1.

3%17. 5%Los Angeles, Cali. 405.

22-2. 3%12. 1%Miami, Fla.

408. 99-0. 1%28.

6%Minneapolis, Minn. 233. 96-0.

9%7. 6%New York, N. Y.

275. 00-0. 5%12.

3%Phoenix, Ariz. 335. 71-2.

1%17. 1%Portland, Ore. 331.

60-1. 9%8. 6%San Diego, Cali.

402. 62-2. 8%12.

7%San Francisco, Cali. 358. 92-4.

3%5. 6%Seattle, Wash. 378.

48-3. 9%9. 9%Tampa, Fla.

379. 85-0. 5%28.

0%District of Columbia303. 55-1. 5%7.

4%U. S. National303.

76-1. 1%13. 0%(Source: S&P CoreLogic Case-Shiller Indices) The S&P records for Tampa show that over the past three months, prices have gone up 2.

18%, even though there was a 0. 5% monthly drop in Tampa from July. Housing prices for buying a home have been up in the Tampa area, and across Florida, for a while, but so have rent prices.

The higher prices have changed how people approach housing, especially in consideration of the higher mortgage interest rates. A RentCafe study of homeownership and renter populations in the U. S.

found that in the Tampa area, there were “surges” in renter numbers in 10 local zip codes. The real estate company said the data showed Tampa changing from a majority homeowner area to majority renter, instead, over the past 10 years. ‘That’s not progress:’ Some fear Sarasota expansion of Lakewood Ranch Southeast Zip Code2020 Renter Population2020 Renter Share3361324,08768.

6%3361233,08765. 2%336029,43560. 6%3361728,54259.

8%3360510,47059. 6%3361428,51858. 0%3361027,29456.

7%3360713,12852. 6%336379,13951. 0%336167,71950.

2%(Source: RentCafe) While the RentCafe data was gathered from 2011 to 2020, the company said Tampa had a big population boom, adding speed to the increase of apartment-dwellers. “Downtown areas became more popular for renters in 2020 than ten years prior, and 33602 is no exception. Thanks to a 77.

4% increase in the renter population, it’s the #22 fastest-growing renter zip code nationwide,” according to RentCafe. Neighborhoods with renters are seeing higher growth near city centers. “Many of the zip codes with the fastest-growing renter populations are located in city cores,” RentCafe continued.

“Specifically, eight of the 20 neighborhoods that grew their renter populations by more than 80% in the past decade are in or near downtowns. ” Still, the rent levels in Tampa have declined in the past month, according to ApartmentList, which provides listing information and statistics. The latest report on the Tampa area showed rent had gone down 1.

3% in the past month, with median rents in Tampa measured at $1,447 for a one-bedroom apartment or $1,785 for a two-bedroom. Compared to the Tampa metro, the state of Florida had a faster rent growth level, at 5. 9% compared to the year before, while the whole of the U.

S. measured in at 5. 7%.

ApartmentList said that rent increases have continued all over Florida. “Throughout the past year, rent increases have been occurring not just in the city of Tampa, but across the entire state. Of the largest 10 cities that we have data for in Florida,” ApartmentList said.

“Nine of them have seen prices rise. . .

Many large cities nationwide show more affordable rents compared to Tampa. ” DeSantis, Crist face off in only Florida governor debate CityMedian 1BR RentMedian 2BR RentM/M Rent GrowthY/Y Rent GrowthTampa$1,450$1,780-1. 3%3.

6%St. Petersburg$1,360$1,730-1. 8%4.

4%Clearwater$1,310$1,750-1. 0%1. 8%Brandon$1,490$1,800-1.

6%-0. 8%Riverview$1,690$1,900-1. 8%0.

1%Wesley Chapel$1,710$2,070-1. 6%-6. 3%Plant City$1,380$1,6100.

1%3. 3%Sarasota$1,390$1,8343. 0%2.

8%Lakeland$1,196$1,4710. 4%3. 3%Bradenton$1,545$1,796-1.

3%-2. 3%(Source: ApartmentList) While Tampa’s two-bedroom median rental price is $1,785, the national average is $1,348. ApartmentList said Tampa area renters “will generally find more expensive prices” here than “most large cities.

“.