Realtors in the Orlando, Florida, area have found themselves very busy this fall. Sales are up a whopping 37 percent in September with more than 1,300 buyers moving into their new homes compared to the same period a year ago. With prices slipping about 9 percent to a median sales price of $182,000, the area's affordability index leapt in September to 123.74 percent, according to a report from the Orlando Regional Realtor Association.
ORRA explains how the index works: "an affordability index that is over 100 means that median-income earners make more than is necessary to qualify for a median-priced home. Buyers who earn the reported median income of $51,848 can qualify to purchase one of 13,386 homes in Orange and Seminole counties currently listed in the local multiple listing service for $225,204 or less."
Orlando is Florida's top ranking metropolitan area in the Milliken Institutes list of best performing cities for 2008. The region ranked 11th out of 200 metro areas, dropping from fifth place last year.
It appears that this trend will continue through the rest of the year. Pending sales were up 66 percent in September, pointing toward a larger number of home sales in the coming months.
This is great news for the area. It is only a matter of time before we experience similar growth. I believe the light at the end of the tunnel is in view.
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