Orlando area Realtors sold 1,335 homes in September, up 37.6 from the same month a year ago, a strong year-over-year rebound sparked by lower prices and foreclosure sales.
The median sales price of the homes sold in September rose by 5 percent to $210,000 from August's revised $200,000 median, but that was still 10.64 percent below what it was this time last year, the Orlando Regional Realtor Association report showed this morning.
The September year over year improvement is the first for the Orlando market in more than two years, since a 1.28 percent increase in May, 2006.
The rebound in existing home sales in the Orlando area was not unexpected, based on the fact that pending sales contracts had been rising for some time, but it is more good news for the hard hit local housing market in terms of building a more stable base for a recovery. The Orlando area has been outperforming most metro areas of the state for the past year, in terms of raw sales, as the statewide and national housing slumps continued.
