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Members of the Orlando Regional Realtor Association sold nearly 5 percent more homes in November than they did a year ago, as prices continued to drop to levels not seen since 2004, which has made more homes more affordable, the trade group reported Wednesday.
The number of pending sales also continued its five-month upward trend, rising to 3,326. That’s 84 percent more homes under contract than in November 2007, when 1,806 sales were under contract but not yet closed, the region’s largest Realtor association said.
November’s median sales price of $167,025 for all the homes, condos and town homes sold in the core Orlando market was down nearly 29 percent from last year’s November median of $234,900, and off about 5 percent from this year’s October median. The local median price — the dollar amount at which half the properties sold for less and half sold for more — is now lower than at any time since April 2004, when it stood at $163,000.
The Realtor association said continuing declines in the median price, combined with historically low mortgage-interest rates — which averaged 6 percent in November — have boosted affordability for all home buyers, including first-time shoppers, producing the best conditions for them since March 2004.
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