How has Tampa’s housing market fared since Hurricane Milton?
The Tampa Bay metro area was faced with in October with Hurricane Milton, which made landfall in the area as a Category 3 storm. In the days leading up to the storm’s landfall on Oct. 9, housing markets in the Tampa area came to a complete halt as sellers took their homes off the market.
The week of the hurricane, new listings fell by about 80% in five major cities in the metro area — Tampa, Clearwater, Largo, Brandon and Riverview. Clearwater lost 81% of its listings, the highest rate among the five cities.
After the hurricane passed, new listings in Largo jumped by a shocking 650% compared to the week prior. Clearwater (+400%), Tampa (+309%), Riverview (+271%) and Brandon (+175%) also saw significant recoveries.
Source: Housing Wire
Mortgage Rates
Continue to
Rise
Mortgage rates increased for the second straight week, rebounding after a decline from earlier this month. While a slight improvement in new and existing home sales is encouraging, the market remains plagued by an overwhelming undersupply of homes. A strong economy can help build momentum heading into the new year and potentially boost purchase activity.
