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Orlando Housing Report - June 2008

June home sales closed higher for a 5th straight month –  Indicators that Orlando’s housing market is marching toward a balance continued their onward progression in June, led by a four-month decline in inventory that has resulted in a 46.18 percent decrease in the months-of-supply since January. Other positive signs include an increase in the median home price and an ongoing increase in the monthly number of pending sales.

U.S. Housing Report - May 2008

U.S. existing home sales were up slightly in May, due in part to higher home affordability levels for buyers.

Existing home sales – including single-family, townhomes, condominiums and co-ops – increased 2.0 percent to a seasonally adjusted annual rate 1 of 4.99 million units in May from a level of 4.89 million in April, but are 15.9 percent below the 5.93 million-unit pace in May 2007.

Orlando Housing Report - May 2008

May closed sales increase for the 4th straight month – Orlando Florida’s housing market appears to be stabilizing a bit, and moving towards a more balanced market between home buyers and sellers.

For the forth month in a row, the Orlando Regional Realtor Association reported a month over month increase in the number of closed home sales. Also, an increase in the number of contracts pending, and a decrease in the amount of inventory all point to some positive moves in the market.

Tax Credit Would Get Home Buyers Off Fence.

A temporary tax credit would be the best incentive to move hesitant home buyers into the market, the NATIONAL ASSOCIATION OF REALTORS® told Congress on Thursday.

NAR said the tactic has been successful before; A 1975 temporary tax credit helped to “clear an over-supply of newly constructed homes during an economic downturn.”

U.S. Housing Report - April 2008

U.S. existing home sales were down slightly in April, due in part to restrictive lending which hampered home buyers. At the same time, a number of areas are showing sales gains over last year. A recent reversal in mortgage policies should better position the market for a turnaround.

Existing home sales – including single-family, townhomes, condominiums and co-ops – declined 1.0 percent to a seasonally adjusted annual rate 1 of 4.89 million units in April from an upwardly pace of 4.94 million in March, and are 17.5 percent below the 5.93 million-unit level in April 2007.

Orlando Housing Report - April 2008

Orlando home sales increase again - Orlando’s housing market for the second month experienced a month-over-month increase in the number of home sales, an increase in the number of pending sales contracts, and a decrease in the amount of inventory – all indicators of a continued, although admittedly glacially paced, shift toward a market balanced between buyers and sellers.

Orlando Housing Report - March 2008

March sales increase as prices decline – Orlando’s housing market experienced an increase in the number of home sales month over month, an increase in the number of pending sales contracts, and a decrease in the amount of inventory – all positive moves towards a more balanced market between buyers and sellers.

Orlando Regional Realtor® Association’s monthly statistical reports released revealed some additional interesting signs for the month of March:

Orlando Housing Report - Feb 2008

February sales increase - Orlando’s real estate market upheld its annual trend of increased sales over the month of January, which signals the start of the spring selling season. The 922 sales in this February are a 13.4 percent increase over January’s 813 sales; however, sales in February 2008 are down by 40.17 percent when compared to February of 2007.

The monthly statistical reports released by the Orlando Regional Realtor® Association revealed some additional interesting tidbits for the month of February:

Property Appraisal Standards Change!

The two largest sources of U.S. mortgage financing agreed on Monday to sponsor a new home appraisal watchdog to prevent inflated home values.

Fannie Mae and Freddie Mac will uphold a new code of conduct meant to keep mortgage lenders at arm's length from home appraisers and will also spend $24 million to jump-start the new oversight body in a deal to prevent lawsuits from New York Attorney General Andrew Cuomo.

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