Median Home Prices in Orlando Rise

The Orlando housing market median sales price for existing homes and condominiums sold through Realtors edged up to $249,900 in May, nearly equal to the $250,000 median price a year earlier.

In April, the median price had dipped year-over year by 2.77 percent, a relatively rare decline for home sale prices in the area.

The monthly report released this week by the Orlando Regional Realtor Association showed the sales price holding fairly steady despite an ongoing increase in the inventory of single-family Florida homes and condos listed through Realtors: up 1,028 to 25,463 properties, another record.

That’s 40 percent more than a year ago and a 16.43 month supply at the recent, sluggish sales pace. Until the demand for Florida mortgage loans picks up, this figure will simply grow and grow.

Sales by Realtors of homes and condos in the group’s core market - mainly Orange and Seminole counties - were down 45.46 percent to 1,550 compared with a revised 2,842 sales in May 2006, the report stated. Year to date, sales are off 36.4 percent from the same period last year.

However, the month of May at least saw 20 more homes sold than in April, the trade association noted. Sellers must be pleased that those seeking Florida mortgages did not hesitate to apply despite the bump is prices.

SOURCE: The Orlando Sentinel