Median home prices in Orlando rise 13 percent
Troubling economic times have hit many cities hard, but the rising price of homes for sale in Orlando suggests the city could be displaying the early signs of growth, according to World Property Channel. The Orlando Regional Realtor Association (ORRA) released a report indicating that the overall median price of Orlando houses rose 12.75 percent between March 2011 and March 2012. Additionally, there was a 3.60 percent increase between February and March of 2012.
Stephen Baker, ORRA's Chairman of the Board, told the news source that decreases in the housing affordability and inventory indexes could be contributing to this change.
"These factors also indicate a shift toward favoring sellers, and the downward slide in inventory means a downward slide in the number of choices available to buyers," Baker said.
Orlando continues its steady recovery from the recession of the late 2000s, thanks in part to its tourism sector. The Orlando Sentinel notes that hotel room occupancy rates rose in March 2012, and as more people have disposable income to spend on luxury accommodations and vacations, the area's economy could substantially improve.
Consider making the move to Orlando to be a part of the city's development. You may be eligible to receive an affordable adjustable- or fixed-rate home loan with interest rates at or around 4 percent.