Orlando Real Estate News

The national median existing single-family home price now stands at $169,000.

Foreclosures and short sales still blanket the market and account for nearly half of all transactions in the first quarter, a trend that pushed prices lower. Foreclosures and short sales typically fetch prices about 20 percent lower than traditional sales, according to the NAR.

For the second straight quarter, the Cape Coral-Fort Myers area of southwest Florida recorded the biggest slump, plummeting 59.1 percent. Since 2006, median prices in the region have cratered, falling from $268,200 to $87,300.

Other major decliners in the first quarter included Saginaw-Saginaw Township North, Mich. (-53.7 percent); Akron, Ohio (-48 percent); San Francisco-Oakland-Fremont, Calif. (-42.7 percent); San Jose-Sunnyvale-Santa Clara, Calif. (-42.3 percent); Phoenix-Mesa-Scottsdale, Ariz. (-41.9 percent) and Sarasota, Bradenton-Venice, Fla. (-40.8 percent).

Regionally, price drops were sharpest in the West (-19.8 percent), followed by the Northeast (-15.9 percent), the South (-10.8 percent) and the Midwest (-6.8 percent).

Fifteen U.S. metro areas recorded year-over-year price declines of at least 30 percent in the first quarter of 2009.

The minus-30 club

1.       Cape Coral-Ft. Myers, Fla., down 59.1 percent, to $87,300.

2.       Saginaw-Saginaw Township North, Mich., down 53.7 percent, to $30,300.

3.       Akron, Ohio, down 48 percent, to $50,100.

4.       San Francisco-Oakland-Fremont, Calif., down 42.7 percent, to $402,000.

5.       San Jose-Sunnyvale-Santa Clara, Calif., down 42.3 percent, to $450,000.

6.       Phoenix-Mesa-Scottsdale, Ariz., down 41.9 percent, to $129,200.

7.       Sarasota-Bradenton-Venice, Fla., down 40.8 percent, to $155,200.

8.       Riverside-San Bernardino-Ontario, Calif., down 39.9 percent, to $172,500.

9.       Las Vegas-Paradise, Nev., down 37.3 percent, to $155,300.

10.   Miami-Fort Lauderdale-Miami Beach, Fla., down 35.4 percent, to $206,000.

11.   Sacramento-Arden-Arcade-Roseville, Calif., down 34.5 percent, to $169,300.

12.   Los Angeles-Long Beach-Santa Ana, Calif., down 34.1 percent, to $303,500.

13.   Orlando, Fla., down 33.3 percent, to $154,800.

14.   Cleveland-Elyria-Mentor, Ohio, down 31.5 percent, to $69,900.

15.   Grand Rapids, Mich., down 30 percent, to $72,000.

The Cumberland area of Maryland and West Virginia led the way among the 18 markets registering price increases. Prices in the region rose by 21.1 percent, to $114,900.

Other markets showing increases include Davenport-Moline-Rock Island, Iowa-Ill. (13.8 percent, to $100,300); Columbia, Mo. (6 percent, to $152,600); Beaumont-Port Arthur, Texas (5 percent, to $129,100); Oklahoma City (4 percent, to $129,900); and Springfield, Ill. (3.9 percent, to $111,400).

Hope is on the horizon as data signals a recovery.

In states who were most affected by the housing bubble home sales increased dramatically during the first quarter. Overall, six states recorded year over year sales increases in the first three months of 2009. Nevada saw a whopping 116.8 percent surge in transactions. Other gainers were California (80.6 percent), Arizona (50.2 percent), Florida (25 percent), Virginia (12.2 percent) and Minnesota (11.9 percent).

First-time homebuyers jumped into the market as prices now are affordable in those states, according to the NAR, which said first-time homebuyers accounted for half of all U.S. home sales during the first quarter.

In a prepared statement, Lawrence Yun, NAR chief economist, said contract activity and buyer traffic have increased over the past couple of months, a trend he expects will continue.

"Housing affordability conditions are at record high levels, and we expect a measurable increase in home sales during the second half of the year, which would help stabilize prices in most areas," Yun said.

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