Median Home Prices Drop to $128,000 in Orlando in August

According to the Orlando Regional Realtor Association (ORRA), the median home price in Orlando dropped yet again to $128,000 in August. The ORRA said that home prices continue to be dragged down by bank owned homes and distressed property sales.

Sales of condos were up almost 260% from the same time period last year, which also had a significant drag on the the area's median home price. Homeowners are walking away from their quickly depreciating condos at an alarming rate.

On a positive note, the homeowner affordability index is almost 194% which means that based on the median income new buyers can more than afford a mortgage payment based on the median home price.

I can tell you first-hand that condos will continue to depreciate as I have seen how banks are pricing them to sell quickly. Banks do not want to hold them for this same reason and because of the ridiculous association dues that come with ownership on some of these condominium complexes.

I can also say that single-family homes in the areas of Kissimmee, Deland, and Deltona are getting beat up almost as bad as condos. People in those areas overbought and over-leveraged.

If you need help selling your existing home or purchasing a new once let us know today.

J.D.A