ORLANDO, Fla. (WOFL FOX 35 ORLANDO) -- The housing market in Orlando continues to see increases in median prices, with each sales type and each home type again recording positive year-to-year comparisons in May.
The overall median price of a home in April 2014 was $165,000, a 13.68 percent increase from May 2013. The median price in April was also a 1.54 percent increase from March of this year.
Orlando's overall median price has risen 42.86 percent since July 2011 and has recorded year-to-year gains for 35 consecutive months. Members of the Orlando Regional Realtor Association (ORRA) participated in the sales of 2,651 homes (all home types and all sales types combined) in May. These numbers mark a 11.16 percent decrease compared to May 2013 and a 1.74 percent decrease compared to this past March.
ORRA Chairman Zola Szerencses, RE/MAX 200 Realty, attributed a decline in investors due to Orlando's rising home values, and an increase in available foreclosures to the decrease in sales.
"While foreclosures are adding a much needed injection of inventory, they are also slowing completed sales," said Szerencses. "Much like short sales, foreclosure transactions take longer to process than normal transactions."
"As the proportion of foreclosures rises in the pending sales category (up 41 percent in May), year-to-year closing comparisons will drop as a side effect."