Tampa Bay homes prices soared 20 percent in January, the third-largest gain in all of Florida.
The dramatic year-over-year increase, exceeded only by those in the Fort Myers and Port St. Lucie areas, was caused in large part by a continuing shortage of homes for sale, which is driving up prices.
"There are a lot of buyers out there, but the inventory remains tight," Charles Richardson, regional vice president of Coldwell Banker, said Tuesday. Homes under $500,000 that are priced right and in good shape make up what he calls the "hottest segment of the market" and can easily spark bidding wars. Continue reading.