Existing-home sales in the Orlando area got a jolt in October to their sometimes uneven recovery, as the number of closings jumped 14 percent from a year earlier to set a new all-time high for the month, new figures released Thursday show.
Resales in the core Orlando market totaled a preliminary 2,434 last month — the most for an October in records going back to 1995, according to the latest report and historical data from the Orlando Regional Realtor Association.
The median price for October, though down slightly from the month before, was up from a year earlier for a 16th straight month, to $122,900, the Orlando Realtors said.
Distress sales continued to command a majority of the activity last month in the Orlando Realtors’ core market, mainly Orange and Seminole counties: Bank-owned homes constituted 23 percent of October’s 2,434 sales, short sales accounted for 30 percent, and conventional sales 47 percent. Still, that’s a big improvement from a year ago, the Realtors noted.
“We’ve seen steady improvements in sales and median price throughout 2012, and Orlando’s housing market recovery should continue through the coming years,” Stephen Baker, chairman of the Orlando Realtors group, said in a prepared statement. “However, it’s crucial that there are no further limitations on the availability of mortgage credit.”