Existing-home sales surge in Orlando

From Staff reports December 29, 2005, 4:34 PM EST

WASHINGTON -- In Central Florida, the number of homes available for resale surged again in November to reach its highest level in more than nine years. Still, existing-home sales through November remained on pace in Metropolitan Orlando to set a 13th consecutive annual record, according to the Orlando Regional Realtor Association.

November existing-home sales in the four-county area were up more than 20 percent, the Realtors said, compared with November 2004, when the area was still recovering from a series of hurricanes in August and September.

Inventory in the metro area's core market (primarily Orange and Seminole counties) totaled 9,685 homes at the close of November -- its highest level since July 1996, the local association said.

The median price of the homes sold in November rose to $249,900 -- up more than 37 percent from a year earlier but only 1.3 percent higher than in October.

The Orlando area's median home price, on a tear from December through July, has risen just 2 percent since then.