Despite Drop in Sales, Orlando Housing Market on Track for Second Best Year Ever

The Orlando housing market is always a popular destination. Countless buyers seek a Florida mortgage loan in the area due to its appealing surroundings.

Nevertheless, the sector - which peaked a year ago - lost a bit more sizzle in August.

The number of homes sold in the core of the Orlando market dropped by 33.7 percent last month, when compared with August 2005. In defense of this year’s numbers and the demand for Florida home loans in the area, last year at that time was the single busiest month in the history of the Orlando Regional Realtor Association’s central listing service.

The median price of homes sold in August was $249,900, only a two percent rise over August 2005’s median.

However, because 2005 was record-setting for the city by almost all real estate standards, 2006 still looks to be the second-best sales year on record for the Orlando market, local Realtor President Beverly Pindling said today. Home buying across Florida remains strong.

“The factors that buoy a local economy creation of new jobs, a population influx, the state of commercial real estate remain very viable in Orlando,” Pindling said.

A total of 2,077 existing homes changed hands in August through the Mid-Florida Regional Multiple Listing Service, compared with 3,134 a year earlier. As a result, the year-to-date total for 2006 fell behind last year’s record pace for the first time this year: 19,404 homes were sold through August in the core market for association members - mainly Orange and Seminole counties - compared with 20,702 during the first eight months of last year.

The inventory of available homes continued its upward trend into record territory in August with the addition of 1,250 new listings, for a total for sale by Realtors of 21,077. This means that buyers have control in the area. It’s an ideal time to apply for a Florida home mortgage there.