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Orlando home sales declined in August while the area’s median price continued its upward trend, albeit at a slower pace, reports the Orlando Regional REALTOR® Association.

 The relative slowdown in median price increase can be attributed in part to a significant uptick in foreclosure sales. “Closings on foreclosures jumped 30 percent in August, Foreclosures tend to carry discounted price tags — great opportunities for buyers — so the cumulative effect of all these sales is a restraint on the median price.

The overall median price for August is $165,000, a 6.45 percent increase over August 2013 and a 3.48 percent decrease compared to last month. Orlando’s overall median price has now recorded year-to-year gains for 38 consecutive months and has risen 42.86 percent since July 2011.

Short sales experienced the greatest jump in median price increase in August, coming in at 25.98 percent higher than in August 2013. The median for normal sales increased 5.56 percent, while that for foreclosures increased 9.00 percent.

The median price of single-family homes increased 6.05 percent when compared to August of last year, and the median price of condos increased 1.30 percent.




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