Tuesday, April 17, 2007

Orlando Real Estate Update

The median price of existing homes sold in the Orlando area in March slipped to 2006 levels, $240,000, as the inventory of homes for sale continued to swell and sales fell more than 40 percent, the Orlando Regional Realtors Association said today.

Sales of homes and condos rose to 1,665 in March from 1,541 in February in the core Orlando market as the spring selling season kicked off. But that was down 42 percent from March 2006 when home sales were still on a hot streak.

The number of homes for sale by local Realtors rose to a record 23,547 from a revised 22,055 in February, up 1,492, a 14-month supply at the recent sales pace.

The one bright spot in the report is that the $15,000 decline in the median price -- half sold for less and half for more -- improves affordability slightly. The local Realtor group's affordability index rose to 93.6 percent in March from 87.1 percent in February. But that still means that buyers earning a statewide median income of $50,762 are 6.4 percent short of income recommended to purchase a median priced home.