Prices And Sales Trend Upwards In Orlando, Pre-Hurricane Irma

Median prices rose 2 percent to $225,000 and sales increased 4.8 percent to 3,544 in Orlando in August from the previous month, according to a new report from the Orlando Regional Realtor Association.

The Orlando Sentinel reports that the housing market impact of Hurricane Irma, which struck Florida earlier this month, is yet to be determined.

In August, prices were up 9.8 percent and sales were up 2.7 percent on an annual basis.

One reason that the lopsided housing market has been favoring sellers is that the four-county Orlando area grew by an additional 40,000 jobs during the last year. That surge came at a time when builders had added relatively little new housing stock because mortgages and construction loans have been tighter coming out of the recession.

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