The Orlando housing market appears to have found its feet after stumbling in the wake of the real estate industry collapse.
The median sales price in the city surged in April on an annual basis, as the local inventory thinned, the Orlando Regional Realtor Association reports. Specifically, the prices of homes sold during the month rose 10.48 percent from April 2011 to $116,000.
"The overall median price has increased for three consecutive months," said ORRA Chairman Stephen Baker. "While demand has created inventory declines for the last 18 months. Add in today's prices and the lowest mortgage rates since the 1950s, and now we have a market with buyers competing for available homes."
Meanwhile, home sales in Orlando fell 4.5 percent in April from a year earlier, as there were only 2,353 transactions recorded during the month. However, ORRA noted that a significant share of these sales were for distressed properties, including short sales and foreclosed houses, Specifically, short sales accounted for 29.41 percent of sales, while foreclosures held a 25.41 percent share.