In August, the median home resale price fell to $200,000 paralleling 2005 numbers and the last bull run of home sales.  Although actual sales dogged last year’s pace by 23%, pending sales have increased for the fifth straight month in a row.  This means the sales gap will likely shrink by the end of 08.  Inventory declined weighing in at 5.6% less than August 07 and Days on Market shrank slightly to 113 days marketing the shortest DOM catalogued so far in 2008.

The Orlando real estate market, in comparison to the southern Florida markets, has generally faired a little better.  Orlando home prices and the overall cost of living are closer to the national average and the job market is holding up better.  This market will likely recover faster than those in South Florida counties.  The Fannie Mae and Freddie Mac bailout should also weigh heavily into the equation for investors.  If banks aren’t lending no one can buy, the Fannie/Freddie takeover should help to re-energize the flow of home sales and interest rates will likely also go down. 

All indicators are clear, the low-point of the great housing bust in Orlando is here.  There has never been a better time to buy Orlando real estate – don’t wait! 

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