Metro Orlando homes see another price drop, Realtors find

Prospective buyers of Metro Orlando homes who sat on the sidelines in June might have scored a bit of a bargain in July as prices dropped 1.3% during the month, according to Orlando Regional Realtor Association.

The median sale price dropped for all home types to $235,000 — down $3,000 from a month earlier.

It's the second time in three months that prices dropped month-to-month, with a $4,000 drop recorded between April and May. July's average, in fact, is $2,000 below April's.

Orlando, Fla.
Aerial view of Orlando Florida. Clear view of Valencia College Ln road.

The median sale price remains shy of the pre-recession peak of $264,436, but Metro Orlando homes continue to rise in price on a year-over-year basis. July's median sale price for all home types in July is 6.8% higher than the $220,000 recorded a year ago.

"Orlando homes purchased now still have room for normal appreciation, which makes a house a good investment," said Lou Nimkoff, ORRA president.

Among numbers that have remained consistent from June to July: interest rates: 4.6%; pace of sales: down 2%; distressed sales: 3.6% of all sales; supply of listed homes: 2.2 months; and pending sales: down 9.9% for the second straight month.

ORRA revised its June sale price down to $238,000 from last month's initial report of $239,180 after late closing data was taken into account.

Tribune Content Agency
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