Tampa-St. Petersburg-Clearwater home prices fell 12% over the year in May.
Distressed sales — that is, foreclosure and short sale transactions — pushed home prices lower in the Tampa-St. Petersburg-Clearwater metro area in May, down 12.71% over the year according to an index monitored by CoreLogic.
CoreLogic also tracks price changes for non-distressed sales, which fell just 1.42% in the Tampa Bay area.
The contrast was less stark in Cape Coral-Fort Myers, suggesting distressed sales may be slowing there. CoreLogic's home price index for that area showed a 3.04% price decrease for all sales, compared to a 2.73% decline when excluding distressed sales.
North Port-Bradenton-Sarasota would have seen a 0.46% increase in home prices if not for distressed sales, CoreLogic estimates. Instead, prices fell 6.92% over the year.
Similarly, CoreLogic's index for Florida showed a 7.3% price decrease for all sales over the year in May, but just a 0.6% decrease when distressed sales are excluded.