Orlando Real Estate

Sales Higher Than Expected

August 25th, 2008 10:58 AM by David W. Welch

NAR announced July sales, which were up 3.1% compared to June. Economists had only expected a 1.6% increase. The pace set in July is still 13% off last year, and prices are also down by 7.1%. Right now what we have going on is all about supply and demand. Supply is still high, and sellers that really need to sell are dropping their prices to move their properties. The demand curve itself is not necessarily moving upward, but prices have come down to meet the demand that exists. That price point is where we seem to be approaching in markets around the country. We have been seeing a rising trend in sales here in Orlando since the beginning of the year. July was slightly off June, but that is actually typical in our market. One more set of numbers that I found interesting in the report today is the median price of $212,000. The median here in Orlando last month was $207,500, so once again Orlando is a relative bargain compared to the national median price. I believe the August median will probably be down a little more here as bank owned properties and short sales begin to have a greater impact on our market.

www.DavidWelch.com, www.RealEstateOptimist.com, www.RemaxDifference.com

Posted in:General
Posted by David W. Welch on August 25th, 2008 10:58 AM

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