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July home sales top already robust year

Sharon Voss, president of the Orlando Regionsl Realtor Association, says Orlando is a very compelling market.
Sharon Voss, president of the Orlando Regionsl Realtor Association, says Orlando is a very compelling market.

The Orlando housing market has gotten even hotter.

Area home sales rose 33 percent in July, the highest year-over-year amount in five years, as the resident influx continues and those who are here see their property values increasing. The number breaks through what has already been a pattern of robust sales this year.

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On top of the very strong July sales figure, the median home price rose eight percent compared with a year ago.

"Those people are seeing a building of equity (as their home prices rise) and are making their own moves," said Sharon Voss, president of the Orlando Regional Realtor Association, which released the housing data.

Also working in home sales' favor is that inventory is down--for the first time since July 2013—which ups competition for the homes that are available.

"Orlando's housing market is very appealing to buyers," said Voss, who declined to project when there might be any slowdown.

The overall median price of all sales types and all home types combined was $183,875, a 7.6 percent increase compared to the $170,950 median price in July 2014.

Areas that saw the greatest sales increases include Chuluota/Oviedo, Edgewood/Pinecastle, Sanford, Lake Mary and Casselberry.

The home type that had the biggest increase in sales was townhomes/villas, which rose by 48 percent. Single-family homes increased 34 percent and condos rose 20 percent.

The year-to-year median price of foreclosures increased 13 percent, while the median price for normal sales increased one percent and short sales decreased 22 percent.

The numbers are impressive and realistic, said Mekael Teshome, economist at PNC Bank. "The Orlando area is growing economically, meaning more jobs, and more people are moving into the area. I'm not surprised to see it spill over to housing."

At least for the immediate future "I think it's sustainable," Teshome said. "If you look at affordability, prices are a lot lower than when we had a bubble and mortgage rates remain low."

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