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October 27th, 2008 8:33 AM by David W. Welch
Here in Orlando, sales were up significantly over September of 2007. In fact sales were up nearly 38% compared to a year ago. The month over month sales increase was somewhat less at just over 4%, but that is because we had a pretty strong August too. Sales were up across the state of Florida, and it was reported last week that sales nationally were up better than 5% compared with August. At the same time it was announced the new home construction fell to the about the pace it was at in 1945. Yes, I said 1945.
This dramatic slowdown in building will eventually create the turnaround in the real estate market. I have not seen inventory numbers at the state or national levels, but as I have posted here before, local inventory levels have dropped significantly. So far, October sales look fairly strong, and the median price is continuing to hold in the low to mid $180's. Properties under $180,000 are getting hard to find without running into competing offers. Our lenders here are working very hard with down payment assistance programs and their own stimulus packages to help buyers get into homes. As they say, when the going gets tough, the tough get going.
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