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February 12th, 2008 5:25 PM by David W. Welch
The official numbers are in, and the median price for January fell 1.2% from December to $222,250 and sales were down to 756. There were about 200 more contracts written in January as compared to December, and interest rates are down to 5.6%. Inventory of homes for sale is up slightly to 25,724.
Buyers need to look at this really hard. There are a lot of good homes for sale at prices that are 11% below last years prices, and interest rates are down about 1% from last year. Interestingly the average price went up in January as 18 homes priced over a million dollars closed. www.davidwelch.com/orlandobuyers