Housing affordability conditions have reached the highest level since recordkeeping began in 1970, according to the National Association of Realtors®.
NAR’s Housing Affordability Index rose to a record high 206.1 in January, based on the relationship between median home price, median family income and average mortgage interest rate. The higher the index, the greater the household purchasing power. An index of 100 is defined as the point where a median-income household has exactly enough income to qualify for the purchase of a median-priced existing single-family home, assuming a 20 percent downpayment and 25 percent of gross income devoted to mortgage principal and interest payments.
NAR projects the affordability index for all of 2012 will be at an annual high, with little movement in mortgage interest rates or home prices during the year.
What does affordability look like in our local real estate market? Take a look at February figures.
Orange County Real Estate Sales Statistics – February 2012
Orange County saw 169 less homes sold in February 2012 than 2011, a 12 percent decrease. The average sales price increased by 16 percent and the median sales price increased by 16% from February 2011. Market times decreased by 4 days or 4 percent.
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Osceola County Real Estate Sales Statistics – February 2012
Osceola County homes saw home sales decreased by 134 homes, a 24 percent decrease. Prices increased with the average sales price up 10 percent and the median price increased by 13 percent. Market Times remained decreased by 2 days compared to February 2011.
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Seminole County Real Estate Sales Statistics – February 2012
Seminole County residential sales decreased by 9 percent with 45 fewer homes sold in February 2012. The averages sales price increased by 15 percent, and the median sales price increased by 23 percent compared to February 2011 levels. Market times decreased by 10 days or 10 percent.
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Lake County Real Estate Sales Statistics – February 2012
Residential sales in Lake County increased with 63 more homes sold for a 16 percent increase. The average sales price decreased by 1 percent, while the median sales price increased by 1 percent during the same time period. Market times decreased by 7 days.
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Polk County Real Estate Sales Statistics – February 2012
Polk County saw 108 fewer homes sold, a 16 percent decrease. The average sales price increased by 9 percent,and the median sales price increased by 12 percent. Market times increased by 4 days or 3 percent.
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Now is the time to get your best price on an Orlando home, before the prices move upward.
Teri Isner is the team leader of Orlando Avenue Top Team and has been a Realtor for over 17 years. Teri has distinguished herself as a leader in the Orlando FL real estate market. Teri assists buyers looking for Orlando FL real estate for sale and aggressively markets Orlando FL homes for sale.
You deserve professional real estate service! You obtain the best results with Teri Isner plus you benefit from her marketing skills, experience and ability to network with other REALTORS®. Your job gets done pleasantly and efficiently. You are able to make important decisions easily with fast, accurate information from Teri. The Orlando Avenue Top Team handles the details and follow-up that are important to the success of your transaction.