Home sales slump continues

Orlando-area home sales ended the year on a downward note, as single-family home sales dropped by 37 percent and condo sales in December saw a 66 percent decline, according to the monthly and year-end sales reports from the Florida Association of Realtors.

The Orlando area saw existing condo sales fall from 320 in the last month of 2006 to 108 last month. For the year, 2,141 condos sold in the Orlando area, a 57 percent decline from the 4,933 sold in all of 2006.

December median condo prices also saw a 7 percent drop, from $163,600 in December 2006 to $152,300 in December 2007. For all of 2007, the median condo price fell to $158,500, 5 percent less than the $166,100 posted in 2006.

Single-family homes also saw slower sales, both in December and for the year, the association's report says. Sales were 1,134 last month, which compares with 1,790 in December 2006. The median home price fell 13 percent in December, from $260,800 in 2006 to $226,100 last month. Year-end sales totaled 17,143, also a 37 percent decline from the 27,212 sold in 2006. The median sales price on single-family homes was $248,900 in 2007, 5 percent less than the $262,900 posted in 2006.

Source : http://www.bizjournals.com/