Recent trends and housing reports show that the Orlando area home market is still showing pressure for price reductions. The latest housing report shows home prices across the nation dropped 16% from August 2007 to August 2008. While the drop appears to be dramatic, there are some positive signs in the Central Orlando real estate market that are promising.
September 2008 sales over September 2007 sales showed a 76% increase for most of Central Florida. October sales figures also appear strong as well. Most of the home sales closing are bank owned or distressed properties. Still the numbers are promising.
While the credit market is still tight, home buyers are seeing the value in the local housing market. Some analysts are predicting a further price reduction for the local Orlando market for 2009 but the percentage drop should be much less than 2008. We will continue to see a strong amount of new foreclosures hit the area market but with a strong local economy and an expanding international base we can expect the Orlando real estate market to show continued improvements.