The median value of an existing home in the Orlando area was up in July compared with a year earlier and hit its highest mark so far this year, said a new report by the Orlando Regional Realtor Association.
Though home resales of distressed properties were still rampant — foreclosures and short sales made up nearly 58 percent of all July sales — metro Orlando’s median price climbed to $117,000 last month. That represented a 7.6 percent jump from July 2010’s median price of $108,700 and a 23.3 percent jump from $94,900 in January 2011.
But association members closed nearly 15 percent fewer deals last month, going from 2,516 sales in July 2010 to 2,147 this year.
The existing inventory in Orlando, which totaled 10,349 homes in July, represents a 4.8-month supply at the current sales pace and is down 37.5 percent from July 2010.
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