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Tampa Bay's home prices have 'peaked,' Zillow says. But have they?

Prices increased steadily for years, though that might be coming to an end.

ST. PETERSBURG, Fla. — Has Tampa Bay’s hot housing market really "peaked?"

That’s at least according to real estate website Zillow. Following years of steady increases, the site says “home values have likely peaked” in the Tampa Bay metro area.

Two quarters of declines have contributed to the first dip in home values nationwide in nearly seven years, according to the report.

The median home price in Tampa Bay was $213,800 in April, down ever so slightly compared to the month prior and down more than five percent compared to this time last year.

RELATED: Money for nothing? Empty lot sells for $6.6 million

So should homeowners be paying attention?

Tampa realtor Brian Frey with Pineywoods Realty believes the Zillow headlines are more hype than help.

"I would say that we still have room for prices to rise,” Frey said. “Aggressively or crazy? No. But are prices still on the rise? It really is about supply and demand."

About that supply: Just because home prices might be leveling out a bit, it doesn't mean it's all of a sudden a great time to jump into the market, according to Frey, because the actual homes just aren't there.

Home values haven’t just decreased, so has Tampa Bay’s inventory for homes for sale.

RELATED: Most Tampa Bay home values still haven't bounced back from recession

"It can't be a buyer's market unless you have a sizeable inventory and we don't have a sizeable inventory (in Tampa Bay).”

But if you are in the market, we checked Zillow for the best house bargain in Florida.

It's the Wauchula area, where single-family homes average approximately $90,000. Orlando is in the middle with homes averaging $249,000. No surprise, Key West has the most expensive average home price at approximately $612,000.

Zillow says prices have “probably peaked” in Houston, Los Angeles, St. Louis, Miami Philadelphia, Boston and Seattle.

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