Central Florida Housing Market Report: Home Sales Slide

The Central Florida housing market has seen home sales dropp 34 percent in the fourth quarter, according to a report released Thursday.

Sales of existing homes did better than new ones in the fourth quarter and in 2006 overall, says a report by the Orlando Regional Realtor Association and Attorneys’ Title Insurance Fund.

Lake, Orange, Osceola and Seminole counties reported 7,666 existing single-family homes changed hands, while 4,357 new homes sold for a total of 12,023 in the fourth quarter of 2006. That compared with 12,390 existing and 5,849 new home sales for a total of 18,239 for the same period in 2005.

The year overall experienced a 23 percent decrease, as 38,537 existing homes and 19,264 new homes sold in 2006. In 2005, 51,913 existing and 23,087 new homes sold in the Orlando housing market.

The median home sale price for Central Florida was $245,000 for the fourth quarter of 2006 and for the whole year. In Seminole and Orange counties, the median sale price was $251,248 in the fourth quarter and $248,000 at year’s end. As these drop, more Florida home mortgage applications are likely to be sent in.

Hank Fishkind, chief economist for Attorneys’ Title Insurance Fund, says he expects activity to increase in the Orlando area in the second half of 2007. Closing volumes for the single-family market will likely recover in 2008 to more normal levels, while the Florida condominium market’s recovery should come in 2009, he says.

The report is based on multiple listing service data from the Realtors group, which is primarily compiled through deed information from the Attorneys’ Title Insurance Fund.