Tampa Bay is the next city to see home prices rise as a result of an inventory struggle and an influx of buyers. This is the same vicious cycle that has impacted a number of cities across the nation and is continuing to do so at an increased rate.
"Sales of single-family homes in Pinellas County plunged more than 12% in June compared to the same month a year ago and were essentially flat in Hillsborough, Pasco and Hernando counties," according to National Mortgage News.
"That served to push prices up more than 6% in all four counties, Florida Realtors reported Monday."
Limited to no new home construction coupled with homeowners who are just unwilling to sell their homes at the moment, have caused quite the jump in home prices.
Folks are now in bidding wars with other prospective buyers and in some cases, the homes are just too expensive for some buyers to afford.
"In Pasco, prices shot up 9.4% to a median of $222,000. That was followed by Pinellas, up 7.2% to $266,375; Hernando, up 6.9% to $169,000; and Hillsborough, up 6.5% to $261,000," according to NMN.
To learn more about the increase in home prices for Tampa Bay, click on the image above.