Real Estate Blog

The metro areas with the largest median sales price increase since last year: 

  1. Sacramento, Calif.: $267,000, 15% year-over-year increase
  2. Austin, Texas: $266,000, 14% year-over-year increase
  3. Las Vegas: $182,000, 12% year-over-year increase
  4. Houston: $215,000, 12% year-over-year increase
  5. Orlando, Fla.: $154,000, 11% increase year-over-year increase
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By Mary Shanklin, Orlando Sentinel

3:07 p.m. EDT, July 22, 2014

Metro Orlando's housing market is not experiencing the big year-over-year price gains it saw in 2013, but increases in the four-county region continue to outpace the state's, a new report shows.

The metro area, which includes Orange, Seminole, Osceola and Lake counties, had a median price of $185,000 for single-family homes that sold in June, according to a report by Florida Realtors. Prices increased 8.2 percent from June 2013. Even though those increases were not as high as the 20 percent annual price escalation in the region last year, the appreciation outperformed recovery statewide.

Florida's median home price was the same as Orlando's last month, but that

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The overall median price for the month of April is $163,000, a 13.43 percent increase over April 2013.
Orlando’s overall median price has recorded year-to-year gains for 33 consecutive months and has risen 41 percent since July 2011.

Members of ORRA participated in the sale of 2,630 homes in April 2014, a decrease of 4.99 percent compared to April 2013.

“Normal” (not short sale or bank owned) home sales in Orlando increased by 9.55 percent when compared to April 2013 and now make up 67 percent of the sales pie.

Homes of all types spent an average of 77 days on the market before coming under contract in April 2014, and the average home sold for 96 percent of its listing price; very similar to April 2013.
Sales of existing homes within the Orlando

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Orlando's annual median home price ($149,625) finished out the year 23.66 percent higher than the 2012 annual median price ($121,000), thanks to significant median price improvements every single month in 2013. In fact, Orlando's median price (all sales types combined) has now posted positive year-to-year gains for 29 consecutive months, and has risen 68.76 percent since January 2011.

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Suzi Karr Realty reports Congress has extended the Mortgage Forgiveness Debt Relief Act through December 31, 2013. The Act relieves distressed homeowners from having to pay income taxes on the mortgage debt forgiven in a short sale, foreclosure, or principal reduction.

Congress passed a bill, The American Taxpayer Relief Act of 2012, as part of a deal to avert the so-called fiscal cliff. This legislation includes extending the Mortgage Forgiveness Debt Relief Act through December 31, 2013. The law impacts homeowners who are granted principal forgiveness on their loan, due to a short sale, a deed-in-lieu of foreclosure, or have lost their home to foreclosure.

Under the federal tax code, all types of forgiven debt are treated as income, subject to regular…
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