Downtown Orlando home prices climb 29%

Downtown Orlando home prices climb 29%

Buying an existing home in the Downtown Orlando area is getting more expensive.

The median price of an existing single-family home in metro Orlando reached $155,000 last month, 28.8 percent up from August 2012’s $120,300, the report showed.

Traditional home sales — not foreclosures or short sales — accounted for 67 percent of all transactions in August of this year, and traditional homes made up 70 percent of available inventory, “which indicates a much healthier market than when distressed sales ruled the closing table,” said association Chairman Steve Merchant, owner-broker of Global Realty International in a prepared statement.

Meanwhile, association members brokered the sales of 2,824 homes of all types last month, up 4.5 percent when compared with August 2012’s 2,702.

A total of 8,576 existing homes are for purchase in the Orlando area, 5.5 percent August 2012 and a 3.04-month supply of homes at the current sales pace.

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