Orlando's Median Home Prices Rise, But High Foreclosure Rates Remain
Thursday, January 16, 2014
By: Nicole Creston

January 16th, 2014 | WMFE - A new report says metro Orlando's median home prices jumped 24 percent in 2013. The last time home prices made such a large leap was in 2005, before the Great Recession. But another newly released report focuses on foreclosure...and highlights Orlando's long road to real estate recovery.

The report from the Orlando Regional Realtor Association shows metro Orlando’s median home prices finishing the year at $149,625. That’s compared to a median of $121,000 at the end of 2012.

ORRA credits the price increase to factors including low mortgage rates and competition created by fewer homes on the market, along with a jump in so-called "normal sales." A "normal sale" involves a property that is not in foreclosure.

Financially distressed properties can drag down the overall value of the housing market. With fewer in the equation, the area’s median home prices rise.

But foreclosure is still a problem for metro Orlando. A new report from RealtyTrac says one in every 31 homes received a foreclosure notice last year…the third highest number in the nation.