REOs and short sales accounted for over 70% of real estate transactions in Orlando last month, while overall sales prices for existing homes rose as well in September. Activity is up considerably over last year, but fewer new contracts suggest slower sales ahead. See the following article from HousingWire for more on this.
The median sales price of Orlando’s existing homes in September climbed 5% to $105,000 from August, according to the Orlando Regional Realtor Association, but it remains down 16% from $125,000 a year ago.
The median price for “traditional” sales was $157,000 in September, down 5.36% from the prior month’s $165,900. The median price for REOs was $72,388, up 3.41% from $70,000 in August, and the median price for short sales was $110,000, up 10% from the prior month.
Members of ORRA recorded completed sales on 2,226 homes in September, a 2.88% decrease over the September 2009 tally of 2,292. To date, Orlando area home sales are up 31.63 % over this time a year ago.
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The association said 1,046 REOs and 543 short sales made up 71.4% of September sales.
The number of new contracts, meanwhile, was down 5.29% from the number filed in September 2009. The area’s pending sales statistic — also an indicator of future sales activity — indicates that 8,713 homes are currently under contract and awaiting closing. This number is nearly equal to the number under contract in September 2009 but down from the peak of 10,832 in April.
“What we are seeing is that a huge backlog of pending sales have finally worked through the system,” explains ORRA Chairman Kathleen Gallagher McIver of RE/MAX Town & Country Realty. “Going forward, I now expect both the completed sales and pending sales columns to be lower compared to the previous year.”
This article has been republished from HousingWire. You can also view this article at HousingWire, a mortgage and real estate news site.