TAMPA, Fla. — As housing prices begin to soften in some parts of the country, the Tampa Bay area is still seeing inflated prices for new homes and only some signs that the market may start stabilizing later this year.

“The sellers are holding steady where they are at,” said Rob Tough with EXP Reality in Tampa. “There is huge demand in Tampa, in Florida for that matter, there's a huge demand."

Demand for housing has kept a dip in housing prices from happening across Tampa and Central Florida since the pandemic.

Houses are staying on the market longer than they did a year ago, but they are still selling at inflated prices compared to pre-pandemic.

New housing in places like Pasco and Polk County will add inventory to the Tampa Bay area, but may not be enough to cause a significant dip in sales prices.

"I don't think they can build them fast enough,” Tough said. “There is so much demand for them. They will have no problem unloading them, and they won't be able to keep up with the demand, because so many people are coming from out of state, and then local buyers right now.

"So it's just booming."

Tough does expect housing prices to normalize at some point.

The question is, when will that happen and what will the new normal be?

The answer hinges on how quickly new housing currently under construction stays on the market, and how much more new housing may be needed after new residential projects open.