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July 5th, 2013 9:50 AM by David W. Welch
Financed sales did not pick up the slack, and we actually saw a decline in total sales in June compared to May. Overall the number of closed sales dropped 11.6% from 2,945 in May to only 2,603 in June. That number is even down 3.5% from June 2012's 2,700. The median price for last month was $152,000 up more than 20% over June 2012's $125,000. Of the total sales last month 501 or 19.2% were REO with a median price of $101,000, 485 or 18.6% were short sales with a median price of $115,000 and 1,617 or 62.1% were equity sales with a median of $192,000. Prices were up $11,000 for REO and almost $9,000 for equity sales, but declined slightly for short sales. The 485 closed short sales accounted for only 9% of the short sales under contract. As I mentioned, cash sales slipped from 1,576 in May to only 1,290 in June accounting for 49.6% of the sales with a median price of $105,000. Financed sales took the lead with 1,313 making up 50.4% of the sales with a median price of $205,000.Are investors tiring of Orlando? Have they been priced out? Will rising interest rates and higher prices slow demand? It is only one month, and that does not make a trend, but we may already be seeing this bull market slowing.