Log In | Become a Member

Orlando's Home Prices Ease Upward

April 14, 2011 | WMFE - A new report says existing home prices in Orlando have increased for the second month in a row. The Orlando Regional Realtor Association says the slight rise comes in part because a few more buyers are purchasing homes that are not in foreclosure.

Orlando’s median existing home price ticked up slightly in March to $103,000, up 2 percent from February. But March’s numbers are still 6 percent lower than this time last year, according to the Orlando Regional Realtor Association’s new monthly report.

Association officials say it’s largely the high number of foreclosure homes and short sales on the market that’s keeping Orlando’s prices lower. And those sales are still making up the majority of home sales in the area. Over 70 percent of the homes bought in March were somewhere in the foreclosure process.  

However, sales of homes not in foreclosure – so-called “normal” home sales – jumped by 28 percent last month. Since those “normal” homes can go for nearly double the price of bank-owned properties, the report says they helped boost Orlando’s median price.

 

All active news articles