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Central Florida Real Estate Could Become Seller's Market

June 23, 2014 | WMFE, Orlando -- Central Florida existing home sales and prices are on the rise. The chief economist for the National Association of Realtors says that's the local takeaway from a national report out Monday.

According to the National Association of Realtors’ Existing Home Sales report, prices and transactions are up in southern states like Florida. 

NAR Chief Economist Lawrence Yun says layering the report with other data shows Central Florida is becoming a seller's market.  “Because of the record high in terms of stock market wealth, you are seeing the upper-income household wanting to buy that second or third home,” he says.  “[That includes] a vacation home in warm-weather states like Florida.”

Yun points to decreased inventory for condos.  He says the extremely cold winter and borrowing restrictions slowed homes sales up north.

But, now retiring baby boomers are selling their northern homes and heading south.  And, investors are snapping up real estate here too.

As for the cost of homes, Yun says Orlando ranks 9th in the country when it comes to price increases. 

 

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