Home Sales, Florida Mortgage Applications Fall in Orlando Last Month

Despite a stagnant times elsewhere in the state, the Orlando housing market has always remained strong. Buyers just seemed to flock to the city.

But not so much last month.

Sales of existing homes within the Orlando metropolitan statistical area - Lake, Orange, Osceola and Seminole counties - were down by 24.3 percent compared with September of last year, according to the Orlando Regional Realtor Association.

Year-to-date, Florida home mortgage applications and sales have dipped below 2005 by 9.2 percent. Last year at this time, 31,497 homes had been sold in the MSA, while 28,585 have been sold this year. By county, Seminole County posted a decrease of 2.5 percent; Orange, 7.5 percent; Osceola, 11.2 percent; and Lake, 20.7 percent.

More on Orlando housing market

Although closings are down, the median price of homes in the Orlando area is up by 5.31 percent to $259,900, according to the Orlando Regional Realtor Association.

The average sale price also went up by 5.89 percent to $311,738, compared with October 2005’s $294,424.

During the month, ORRA says 1,792 existing homes changed hands, a 24.3 percent drop from the number of sales closed in October of 2005. Year-to-date sales also dipped, with 9.2 percent fewer homes sold through October and individuals holding off on their Florida mortgage loan questions.

In addition, the inventory of homes available for purchase has expanded to 21,324, a 4.94 percent increase over last month. Orlando now has an 11.9-month supply of homes on the market, according to ORRA.