Monday Market Report – Housing Prices Go Up to 11

The median home price in the nation has gone up 11% over last year.  The housing industry is heating up this fall as the number of homes for sale declines.  The low supply of homes for sale is causing the prices of homes to rise.  In the Orlando housing market, the median price has gone up over 9% from this time last year.

Not only are the prices increasing but the average time on the market is declining.   In fact, homes are going under contract 25% faster than this time last year according to the Orlando Regional Realtor Association.  This kind of activity hasn’t been seen in about 6 or 7 years.

All of this activity is leading towards an even greater gift this holiday season, home equity.  According to the National Association of Realtors, “rising home prices have created $760 Billion growth in home equity during the last year.”  And they expect that growth to rise more in 2013.  This is excellent news if you have been unable to sell in Orlando but need to in the next year.  Contact us today for information on how quickly your home might sell in this market.  Kathryn@ThinkLiveBe.com or 1-800-859-5714 ext. 0

 

Image Credit:  Oven by _gee_via Attribution License on Everystock

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