Inventory, Sales, Florida Home Loans Strong in Orlando

What Florida real estate bubble?

Single-family, existing home sales in Central Florida soared to a record-setting high in March, eclipsing last March by almost 10 percent, according to the Orlando Regional Realtor Association’s Roth Report.

The report shows 2,781 homes were sold in March, the most sales in a solitary month since the summer selling season ended last August.

“The spring selling season has arrived with a flourish,” says ORRA President Beverly Pindling. “The increase in sales and new listings just about assures we will experience robust activity for at least the next six months.”

Take that, insiders that are pessimistic about the future of Florida home loans!

According to the ORRA report, the median price remained steady at $240,000, down slightly from February at $241,000. The average mortgage interest rate in March was up to 6.17 percent, the highest since June 2004.

A breakdown of the sales shows 1,948 detached single-family existing homes changed hands in March, along with 582 condos and 251 town homes, villas and duplexes.

Even with all the record-breaking sales, inventory rose by 1,593 homes in March. There are now 14,559 homes on the market, giving those seeking a Florida home loan the most choice they have had in years.

This shouldn’t be a shock, as the Orlando housing market has remained strong for awhile now. However, sales of existing homes in the Central Florida counties of Lake, Orange, Osceola and Seminole overall decreased for the first time since last July as 3,368 homes changed hands, compared with 3,370 last March.