July existing home sales jumped nearly 45.5 percent when compared with the year prior, but values fell 35 percent, according to the Orlando Regional Realtor Association’s monthly report.
Association members in July reported 2,141 closings, which compared with 1,472 in July 2008. So far this year, association members sold 12,223 homes, 45 percent more than the 8,423 homes that had changed hands in the first seven months of last year.
For the Orlando area— Lake, Orange, Osceola and Seminole counties — 2,763 homes were sold in July, a 56.3 percent jump when compared with the 1,768 sold in July 2008.
Although the median sales price of existing homes sold by association members fell 35 percent in July, from $208,000 in 2008 to $135,000 this year, it rose nearly 3 percent when compared to June 2009’s price of $131,175.
About 737 of the home resales in July of this year were bank-owned while another 162 were distressed property sales, making up 42 percent of all sales. “Normal” sales, which totaled 1,242, made up about 58 percent of the total.
Excluding distressed and bank-owned home sales, the median sales price was $165,000, a decrease of 4.3 percent from June’s $172,500. The median price for bank-owned sales was $84,500, up 5.8 percent from June’s $79,900, and for distressed sales was $139,500, down 8.2 percent from June’s $152,000. complete story
Source: Orlando Business Journal - Anjali Fluker
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