Uptick in home sales for Orlando

Uptick home sales Orlando!screen-shot-2014-11-17-at-8-12-17-am  Mid-summer drop in home sales rectified itself in Orlando and throughout the state during August, a new report shows.

In August, sales of single-family houses in Orange, Seminole, Lake and Volusia counties increased 8.2 percent from a year earlier. The increase marked a sharp turnaround in direction from a 6 percent, year-over-year sales drop during July, according to report from Florida Realtors.

Trends were similar across a state where year-over-year sales increased 5.5 percent in August after declining 8 percent in July. Brad O’Connor, chief economist for the real estate association, said the boost in sales effectively erased all of the losses from July.

“In the present case, it’s possible that a number of sales that might ordinarily have occurred in July were pushed back into August,” O’Connor said. “Basically, if you consider the data over July and August together, the net growth rate continues the trend we’ve been seeing all year of slow-but-positive growth in the single-family market.”

O’Connor added that a month’s worth of sales numbers isn’t enough to determine a market’s direction.

What the numbers mean at a neighborhood level is that almost 200 fewer houses sold in Metro Orlando during the peak sales month in July of this year compared with July 2015. The Orlando housing market grew stronger last month, increasing to 3,150 sales in August from 3,108 sales in July

Orlando homeowners saw sales prices — and equity — increase more in the four-county metropolitan area than average price increases across Florida metros. Across the state, the median price of $225,000 was up 12.6 percent from a year ago.

In August, the midpoint price for a home that sold in Orange, Seminole, Osceola and Lake counties was $229,000 and that was up 13.4 percent from August 2015, according to the report.

In areas on the edge of the four-county Orlando region, prices increased from a year earlier — except for in The Villages. Prices in that senior retirement mecca were at a midpoint of $210,000 in August and that was down by 13 percent from a year ago but the relatively small pool of 93 sales may have thrown off comparisons.

In Polk County, the midpoint price of $169,900 was up 20 percent from a year ago; Volusia’s median price of $210,000 had increased 16 percent; and Brevard’s median of $195,000 was 15 percent higher over a year.