September 27th, 2013 7:27 AM by Frank Ferrell
The median price of existing homes sold in the Orlando area during August leaped nearly 29 percent over the median price in August of 2012.
According to ORRA Chairman Steve Merchant, owner-broker of Global Realty International, the increase in median price correlates to the continued domination of higher-priced "normal" sales over foreclosures and short sales.
"Normal transactions made up 67 percent of all transactions in August," says Merchant. "In addition, traditionally owned homes now make up 70 percent of available inventory, which indicates a much healthier market than when distressed sales ruled the closing table."
The August 2013 median price of $155,000 is 28.84 percent higher when compared to August 2012 and 1.27 percent lower when compared to July 2013. Orlando’s median price has risen 22.05 percent since January of 2013 and 43.52 percent since January 2012.
In addition to the overall median increase, each individual sales type experienced a year-to-year median price increase in August, with foreclosures leading the way with a 17.65 percent jump. The median price of short sales increased 5.45 percent; the median price of normal sales increased 13.92 percent.Courtesy of Orlando Regional Realtor Association