Wednesday, September 27, 2006

How Orlando Real Estate Stacks Up

Nationwide home sales have fell for 5th straight month, pushing median price down by 1.7%, which represents first decline in 11 yearts. Nationwide inventory of unsold homes to 3.92 million.

In Florida, single family home sales plunged by 34% in August compared to last year, but median price of home remains at $250K up 9% from last year.

Orlando Real Estate home sales fell by the same amount as State of Florida and the median prices of a home is $261K which is up 5% from August 2005. While Orlando median price of a home remains stable, other Florida cities have seen double digit declines such as Sarasota-Bradenton, Panama City, Melbourne, Titsville, and Fort Walton. Double digit median price increases are occuring in Gainsville, Ocala, Tampa, St. Petersburg, and Clearwater.

Sales have slowed sharply due to rising mortgage rates and slowing economy. It is still a great time to buy with volume of choices for buyers and more favorable terms for buyers. Courtesy of Orlando Sentinel 9/26/06.