Orlando Real Estate

The official numbers are out, and sales continue to show improvement over last year with 1,076 compared to 1,029. Prices continue to show improvement too if you are a buyer. The median price for November was down to $167,025 compared to $234,900 last year. That is a 28.9% decline in the median price year over year. The average interest rate was also down to 6% compared to 6.3% last month. The decline in prices and interest rates has lead to a huge jump in the affordability index to 135. With sales up, so are new contracts and the total number of contracts. New contracts were up to 1,644 compared to 1,193 last year, and the total number of pending contracts is up to 3,326 compared to 1,806 in '07. The inventory of homes available for sale was also down by 249 compared to October, but still stands at 24,408.

David Welch, Remax 200 Realty, Orlando Real Estate