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Big boost for home prices in Orlando

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The Orlando area’s overall median price for an existing single-family home climbed to $117,000 in July — a 23.3% bump since January and up 7.6% over July 2010. Total sales, however, were down compared to year-ago figures. An increase in the percentage of traditional sales — those that are neither bank-owned nor short sales — continues to boost the overall median price, according to the Orlando Regional Realtor Association, which released home price and sales data on Friday. ORRA tracks member sales in the Orlando area. In July, 42.2% of sales were traditional sales, a percentage that has risen for the past six consecutive months, according to ORRA. Still, the lower median price of foreclosures and short sales continues to impact the market. The median price for real-estate owned property in July was $80,000, and the median price for short sales was $98,000. ORRA said 2,147 sales transactions were completed in July, 14. 7% less than July 2010. Orlando REO sales dropped 49.1% compared to July 2010, while short sales and traditional sales were each up by more than 16%. Inventory stands at a 4.8-month supply — down 37.5% from July of last year, with single-family home inventory down 33.3% and condo inventory is down 53.2%. “With affordable prices and historically low mortgage interest rates, homebuyer demand remains strong. A more rapid sales recovery is possible if banks return to normal and safe but sensible lending standards,” said Mike McGraw with McGraw Realty Services and chairman of the ORRA board. Condo sales in the Orlando area (369) declined by 37.9% in July when compared to July 2010. The condo market remains dominated by the low-price range of $50,000 or less, which accounted for nearly 44% of condo sales last month. The 2,673 sales for the four-country metro region (Lake, Orange, Osceola and Seminole counties) reflected a 9.42% decrease compared to year-ago figures. Despite the good news on rising home prices, Florida still faces a long road to recovery in its housing market. Several states still account for the majority of the foreclosure activity, with 73% of foreclosures occurring in nine states with California (56,193 properties facing a foreclosure filing) in July and  Florida (22,377 foreclosure filings) topping that list. Write to Kerry Curry. Follow her on Twitter @communicatorKLC.

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