ORLANDO,Fla. - The lesson of supply and demand is playing out in Orlando's existing home market as median values cleared the $150,000 mark in June.
The Orlando Regional Realtor Association reports "paper-thin inventory" sent June's median home values up 22.4 percent to $153,000.
According to ORRA, that's the first time since December 2008 that home values have hit that median level.
"Lack of inventory is continuing to drive prices up by forcing would-be buyers to duke it out over properties," explains ORRA Chairman Steve Merchant, broker-owner of Global Realty International. "The median price increase is also a reflection of a transition that is taking place. As more homeowners are recognizing that now is a great time to sell and are adding their homes to the inventory, we're shifting from a market dominated by lower-priced distressed sales to one dominated by higher-priced normal sales."
A year-to-year comparison shows the number of "completed traditional sales (1,620) increased 33.88 percent. Short sales (478) decreased 35.84 percent and foreclosures (465) decreased 29.44 percent."
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