Existing Home Sales Set Hot Pace for 2004

(February 20, 2004 – Orlando, FL) Following last year’s record sales of 24,251 single-family existing homes in the Orlando area, local Realtors® began the new year, setting yet another record, this time for the month of January.

According to the Orlando Regional Realtor® Association’s (ORRA) Roth Report of local housing activity, 1,564 homes changed hands last month, a 7% increase over the 1,461 homes sold last January.

The median price also rose 12.21% to $148,324 from last January, but remained relatively unchanged from December 2003.

“Even though the median price has risen more than 20% in the past year, the Affordability Index is virtually unaffected,” says ORRA President Greg Rokeh, GRI. He notes that the Affordability Index was 153% last January and 152% this year. That means those seeking to buy a home at the median price posted in January 2004 had 52% more income than necessary to qualify for a loan. The First-Time Affordability Index showed that new home buyers would have had 8% more income to qualify, both last month and last January 2003.

Sales in the Orlando MSA, which includes Lake, Orange, Osceola, and Seminole counties, totaled 1,996, up 10% from last January. Seminole County was the only county to post a decrease in sales (down 6.5%), and Osceola posted the largest increase over last year (30.4%).

This representation is based in whole or in part on data supplied by the Orlando Regional Realtor® Association or its Multiple Listing Service (MLS). Neither the Association nor its MLS guarantees or is in any way responsible for its accuracy. Data maintained by the Association or its MLS may not reflect all real estate activity in the market. Due to late closings, an adjustment is necessary to record those closings posted after our reporting date. ORRA Realtor® sales represent all sales by members of the Orlando Regional Realtor® Association, not necessarily those sales strictly in Orange and Seminole counties.

This representation is based in whole or in part on data supplied by the Orlando Regional Realtor® Association or its Multiple Listing Service (MLS). Neither the Association nor its MLS guarantees or is in any way responsible for its accuracy. Data maintained by the Association or its MLS may not reflect all real estate activity in the market. Due to late closings, an adjustment is necessary to record those closings posted after our reporting date. ORRA Realtor® sales represent all sales by members of the Orlando Regional Realtor® Association, not necessarily those sales strictly in Orange and Seminole counties.

© Copyright 2003, 2004 Adrian Realty, Inc. All trademarks are the sole property of each trademark owner. Adrian Realty, Inc..  Andreas Adrian, licensed Real Estate Broker, Florida , USA. Member Emerald Coast Association of REALTORS®. Member REALTOR® Association of Greater Fort Lauderdale, Member Orlando Regional REALTOR® Association, Member Florida Association of REALTORS®, Member National Association of REALTORS®, Member Greater Las Vegas Association of REALTORS®, Member Nevada Association of REALTORS®, Member Destin Area Chamber of Commerce.