Sales, Home Prices in Orlando Continue to Slide

Orlando, along with the rest of the Florida housing market, posted lower median prices and sales activity for the second quarter, according to a report issued last week by the Florida Association of Realtors.

The Orlando area saw a 40 percent decline in existing single-family home sales in the second quarter, from 8,189 last year to 4,933 during the same period this year. The median sales price in the region was $253,800, which was 4 percent lower than the $265,500 in the second quarter of 2006.

Existing condo sales in the Orlando market fell by 61 percent - from 1,456 in the second quarter of 2006 to 572 this year. Median home prices on existing condos also fell slightly, from $163,500 in the second quarter of last year to $155,700 this year.

Statewide, sales of existing single-family homes totaled 37,709 during the second quarter of this year. This lack of Florida mortgage activity was symbolic in the 30 percent drop from the 53,723 homes sold during the same period in 2006. The median sales price for existing homes fell by 4 percent from $250,400 for the second quarter of 2006 to $239,200 for this year’s second quarter.

Florida existing condo sales, meanwhile, saw a 25 percent slide - from 16,566 in the second quarter of 2006 to 12,415 for the same period this year. The median sales price saw a minimal change, from $211,200 in 2006’s second quarter to $208,400 this year.