Irizarry finds herself in the unfortunate position of looking for a home listed close to the median sales price of an existing house in the Tampa-St. Petersburg-Clearwater area: $167,000 at the end of the third quarter this year — the latest figure available from the National Association of Realtors.

Home buyers concerned about rising interest rates also are playing a role. The interest rate on a 30-year fixed mortgage from Freddie Mac, one of the country's biggest mortgage lenders, was 5.7 percent Friday.

With mortgage interest rates expected to rise in the long term, the ranks of home buyers looking in the same price range as Irizarry have swollen. Buyers are racing to beat further interest rate increases by the Federal Reserve and lenders.

That has contributed to a shortage of homes on the market in the median price range and tough competition among buyers, real estate experts say.

Meanwhile, home prices in the Bay area have climbed, too, pushing homes and neighborhoods once within reach of middle-income buyers such as Irizarry outside their grasp.

As a result, looking for an affordable home in the Tampa Bay region has home shoppers such as Irizarry scrambling in desperation. The single mother, who's looking for a home for her two daughters and herself, says she tours homes on the market three nights a week and on weekends.

"This is taking up all my time, my life. I know I need to hurry, but I don't want to rush and make a mistake," she said. "I'm frustrated and exhausted."

Dream Delayed

Some Realtors say they are as concerned as buyers at how challenging it has become to buy a home in the Bay area, especially housing priced close to the median.

One chief reason for the challenging market: the median sales price has risen significantly in the Tampa-St. Petersburg-Clearwater area during the past year, real estate industry experts say.

According to the National Association of Realtors, the median sales price of home in the Tampa-St. Petersburg-Clearwater area rose about $16,000, or 11 percent, to $167,000 in the third quarter, compared with the same three months last year.

"It's amazing when you go into areas that used to [be] reasonable and see what happened to the prices," said Alma Alexander, president of the Greater Tampa Association of Realtors. "You think those people are out of their minds to pay that."

Four years ago, existing houses in the Tampa Bay area appreciated on average from 1 percent to 3 percent a year. Now the average is 6 percent to 8 percent.

Irizarry's tale highlights some of the hurdles home shoppers are facing.

She was so sure the Tampa Bay area would offer affordable housing that she took an $18,000 pay cut to transfer here from her job as a Verizon customer service representative in Brooklyn, N.Y.

The move should prove worthwhile, Irizarry reasoned, because Tampa's affordable housing market would open the door to a comfortable home for her daughters, ages 15 and 5.

Seven months after her move, the 32-year-old mother is living in an apartment and fearing her ideal Tampa home might be beyond her reach.

Each time she finds a house she likes, it's out of her price range or there are buyers willing to offer more than she can afford.

Twice, homes she was interested in sold while she was on her way to see them, she said.

Downsizing Expectations

People such as Irizarry, who's trying to keep her home purchase under $170,000, are having to rethink expectations, real estate industry experts say.

"Most people come in with a preconceived idea of what they want and what it will cost to get it," said Alan Riley, chairman of the board of the Pinellas Realtor Organization."They want a three-bedroom house with a large yard and a pool, but that home doesn't exist at the price they want to pay," Riley said.

Michael and Melanie Ciaccio, who moved to Tampa a year ago from North Carolina, are among those who have downsized expectations.

While living in an apartment and saving for a down payment, the couple researched the Tampa housing market. At the time, they found homes they liked that cost about $150,000, Ciaccio said.

When they started house hunting a few months ago, the homes their real estate agent took them to see were smaller and needed more work than the homes they'd seen in the same price range last year.

"I should have bought when I first got here," Michael Ciaccio said. "Last year I could have bought a home for $150,000 with 1,700 square feet and a pool."

After looking at a number of 1,300-square-foot homes, the Ciaccios decided to buy an older, larger home that needs work.

The Ciaccios, who are expecting a child in January, paid $155,000 for a 1,760-square-foot home built in 1979.

"I didn't think I'd buy a home that I need to put a new roof on right away," Ciaccio said.

Even sellers are finding it tough to find a larger home to move up to, experts say.

Tony and Amey Duran bought their first home a year ago, a four-bedroom, 1,314-square-footer in Lithia, for $126,500. A real estate agent told them it likely could sell now for about $160,000. The flip side: The Durans want a larger home and don't want to spend more than $170,000, which won't buy them much more than they have.

"It's really frustrating," Amey Duran said. "If you find a home, you better grab it, because the next day you might not be able to afford it."

Sheila Dean, of Coldwell Banker Real Estate and Mortgage in Brandon, said there are homes on the market in the median price range.

Most newer homes listed near the median price typically have 1,300 to 1,600 square feet. Older homes for the same price offer 1,600 to 1,800 square feet, she said.

With inventory low in the median price range and prices climbing, real estate brokers feel more pressure to nudge buyers to decide quickly.

Other areas of Florida also are seeing housing appreciate. For example, the median price of a home in Orlando rose to $180,500 in the third quarter ending Sept. 30, up 17 percent compared with the same quarter a year ago.

Where To Shop

Hot markets for homes listing and selling close to the median in Hillsborough County include Brandon, Forest Hills, Seminole Heights, Temple Terrace and Town N' Country. In Pinellas County, hot markets include Pinellas Park, Largo and Tarpon Springs.

Buyers seeking more home for their money used to flock to Brandon. Those looking in the median range, though, now have fewer options there and are being forced to look in communities such as Pasco County. Prices are climbing there, too, real estate experts say.

Realtors say persistent buyers can find good buys in good neighborhoods.

In south Tampa, for example, it seems nearly impossible to find moderately priced homes, but Alexander, president of Greater Tampa Association of Realtors, sold a house south of Gandy Boulevard for $142,000 this year.

Although good deals can be found, real estate industry experts say buyers need to be poised to move quickly to make a deal.

Said Dean, the Coldwell Banker agent: "In today's environment, you can look for an afternoon, and you better jump on it if you like a house."