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REAL ESTATE
Tampa Bay's housing market cools
The housing market in Tampa Bay is cooling faster than in most metros nationwide.Why it matters: Supply issues continue to put pressure on home prices across the U.S. — despite mortgage rates dampening demand.This is particularly true in parts of California and the Northeast. Homes are selling quickly and for over asking, according to Redfin data.In the South, however, supply is picking up, and markets are cooling.Zoom in: Tampa Bay ranked second nationwide for decreasing homebuying demand and competition between April 2023 and April 2024, per Redfin.Data: Redfin; Chart: Axios VisualsThe big picture: Florida may be hotter than ever, but its housing market is cooling quicker than most other states, according to Redfin.Home construction, unaffordable home insurance and intense natural disaster threats contribute to increased supply and lower demand.Homes aren't moving off the market as quickly, and a growing share of sellers are bringing their asking prices down — all signs that these markets are cooling.Yes, but: Florida and Texas were the poster children for the pandemic price boom, so home prices are much higher than five years ago.What's next: Some relief could be coming for buyers on the mortgage rate front.Sign up for Axios Tampa Bay for free.
Construction of Altura Bayshore Tower in Tampa Complete
The Ronto Group announced that construction of its 23-story Altura Bayshore luxury condominium tower overlooking Tampa’s Bayshore Boulevard has been completed. Designed by Curts Gaines Hall Jones Architects and built by Connor & Gaskins Unlimited, the tower includes 67 typical residences ranging from 2,176 to 3,575 square feet under air, and six penthouse residences with approximately 3,500 square feet under air and multiple balconies and terraces.
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