Mon, 09/24/2007 - 2:37pm
ORLANDO, Fla. -- Adjustments are what we saw in Florida's housing sector as mortage rates stabilized and the inventory of homes available for sale remained at higher levels in the Orlando market.Â Throughout the state, the existing-home median price rose 13 percent to $249,700 last month; a year ago, it was $221,100, according to the Florida Association of Realtors (FAR). According to FAR a total of 16,392 existing single-family homes sold statwide last month, a decrease of 31 erecnt from the 23,844 homes that sold during the privious August sales. The statwide median slaes price in 2001 was $127,100, which is an increase of about 96.4 percent over the five year period.Â Â This is a sharp growthÂ for Â real estate in the past years, typically single family homes appreciate the rate of 6%-7% per year. The median sales price for existing single-family homes nationally was $217,300 in April up 7.7 percent from a year earlier according to NAR. A majority of the U.S. is experiencing a period of equilibrium in the housing markt.Â This is healthy for the long-term sector according to NAR housing industry analysts.Â Overall sales remain historically strong providing a solid foundation for the overall economy. Beverly Pindling, president of the Orlando Regional Realtor Association states the single-family existing-home market has eased it pace, but the market is returning to a more normal balance after a long run of of record sales and low inventory. Economists predict that national housing market to be the third-best ever market below 2005 and 2004.Â This confirms that Orlando remains a very strong local market.