Downtown Home prices highest since 2008

Downtown Home prices highest since 2008

Prices of existing homes in the core Orlando market edged up to $163,000 in April – the highest median price since 2008.

Prices in an area that includes mostly Orange and Seminole counties increased for the third consecutive month, according to Orlando Regional Realtors Association. Home prices were up more than 13 percent from a year earlier but remain far below the peak of $264,000 in July 2007.

Interest rates dropped to 4.39 percent in April from 4.43 March, helping drive an increase in sales to 2,630 from 2,435 a month earlier. The listings grew slightly to 10,647, which was the largest amount in three years but the months of inventory actually declined slightly to a supply of only 4.05 months because increased sales activity ate into the available listings. A six-month supply is considered normal.

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