Downtown Orlando: home prices rise 13% in April
Metro Orlando’s median home price continued to climb in April, marking the region’s 33rd consecutive month of year-to-year gains, the Urbanista Orlando reports.
The overall median home price in April was $163,000, up 13.43 percent compared to $143,700 in the year-ago period. Orlando’s median home price has risen 41.13 percent since July 2011.
Meanwhile, members of ORRA reported sales of 2,630 homes that closed in April, up 8.01 percent from March, but a decrease of 4.99 percent compared to April 2013, which ORRA attributes in part to rising prices.
“With the sharp increase in home values over the past few years, Orlando’s market conditions are not quite so enticing to investors now,” said ORRA Chairman Zola Szerencses. “The thinning out of investors is creating welcome opportunities for regular buyers, particularly the first-time buyers who so often have to compete with cash-holding investors for homes in the lower price categories.”
“Normal” home sales in Orlando increased by 9.55 percent when compared to April 2013. Closings of short sales decreased by 59.39 percent while closings of foreclosures increased 9.82 percent.