Buying a house in Tampa Bay is finally easier, but not cheaper

Tampa Bay's real estate market is starting to level off, according to the latest data from Redfin/MLS.

Why it matters: After two-plus years of plummeting inventory and sky-high home prices, buyers in the Tampa metro area have waited a long time for a little relief.

What's happening: Mortgage rates started to surge in May and have since topped 7%, squeezing homebuyer budgets.

By the numbers: As of September, inventory is up 23.6% and pending sales are down 30% since May.

• Median home sales prices fell from $384,000 to $370,000 from May to September.
• Sellers are increasingly dropping their asking price. Nearly 46% of listings had price cuts in September, up from 33% in May.
• Meanwhile, a shrinking share of homes sold above list price. In September 21.1% of homes sold above list price, down from 51.6% in May.
• Homes are also sitting on the market longer. In May, homes sold in seven days on average, compared with 20 days in September.

Yes, but: Monthly mortgage payments are significantly more expensive than they were a year ago.

The bottom line: Tampa Bay's market is calmer, but buying a home right now isn't necessarily cheaper.