October Surge: Tampa Bay Home Sellers Fuel Housing Market Rebound

In October, last month’s home sellers not only listed their properties but also purchased new ones, boosting market demand, as shown in Realtor.com’s monthly housing report.

September’s increase in new listings led to a rise in pending sales in October, with substantial gains in pending home sales across the U.S.

In the Tampa Bay area, active listings surged by 40% last month, with homes remaining on the market for over 70 days.

The median home price in Tampa Bay dropped by 7% to $399,999, although this remains 43% higher than pre-pandemic levels, according to Realtor.com.

“Existing home sales have lagged so far in 2024 due to persistently high mortgage rates, but recent fluctuations in rates within the low- to mid-6% range prompted sellers — many of whom are also buyers — to act,” stated Realtor.com’s chief economist, Danielle Hale. “The uptick in new listings and pending sales points to a potential rise in home sales later this fall, marking the first annual increase in over three years.”

Miami was the only Florida metro area with higher median home prices than Tampa Bay, at $525,000.

The report also highlighted that many sellers are transitioning from primary residences to new homes.

Some of the nation’s largest markets, including Seattle, Boston, and San Diego, recorded the most significant increases in pending sales this month, at 50.5%, 25.7%, and 22.1%, respectively. These cities also led in new listings in September, with increases of 41.8%, 24.4%, and 21.5%, respectively.