For May, Orlando’s median home price was $165,000, a 13.68 percent gain from May 2013’s median price of $145,148. On a month-to-month basis, Orlando’s median price rose 1.54 percent above $162,500 posted in April.
ORRA members reported sales of 2,651 homes that closed in May, a decrease of 1.74 percent compared to the previous month and a decrease of 11.16 percent compared to the year-ago period.
ORRA Chairman Zola Szerences attributes the sales decrease partly to the decline in investors as home values rise, as well as partly to an increase of available foreclosures.
“While foreclosures are adding a much-needed injection of inventory, they are also slowing completed sales,” Szerencses said, in a prepared statement. “Much like short sales, foreclosure transactions take longer to process than normal transactions. As the proportion of foreclosures rises in the pending sales category (it’s up 41 percent in May), year-to-year closing comparisons will drop as a side effect.”
Closings of foreclosures in Orlando increased 15.49 percent compared to May 2013. Meanwhile, “normal” home sales in Orlando decreased by 0.34 percent compared to the same time last year and closings of short sales decreased by 62.88 percent.
For more from ORRA, click here to see the full report.
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