A swath of Central Florida counties — generally along part of the Interstate 4 corridor — outperformed the entire state for gains in single-family home prices during the past year, a new report shows.
Home prices in the four-county Orlando area, which includes Orange, Seminole, Lake and Osceola counties, increased 7.6 percent to a midpoint of $185,000 during a 12-month-period that ended in August, according to a report released Monday by Florida Realtors, an industry group for real estate agents.
Across the state, prices increased 4.2 percent from August 2013 through last month and reached a median of $181,000.
“For several months now, stability and consistency are key trends we’re seeing in Florida’s housing market, as the state’s jobs outlook remains steady and the economy continues to grow,” said Sherri Meadows, president of the real estate association and a Keller Williams agent for The Villages and other areas.
Matthew White, broker associate Sloane Realty LLC of Lake Mary, said the overall Orlando area is likely to see continued price growth of about 4 to 5 percent in the next year due to the forces of supply and demand. Even though the supply of inventory is growing, the region has a shortage of “quality” houses listed for sale in the high-demand price range of $150,000 to $350,000, he said..
Beyond Metropolitan Orlando, prices in nearby Brevard County grew more during the reporting period than prices in any of the 20 metro areas within the state. Brevard’s strong recovery is a stark contrast from a year ago when the hard-hit home of NASA’s former space shuttle program showed the most sluggish price growth in the state. Earlier this year, it led the nation for its rate of foreclosures.
In August, Brevard’s median prices were $155,000 – an increase of 19 percent from a year earlier. Sales in the coastal county increased 12.8 percent – about three times the growth in sales statewide.
Just north of Brevard County, Volusia County experienced a 9.2 percent gain in prices and had a median sales price of $136,000 last month. Volusia’s sales volume increased by about the same rate as Brevard’s.
And southwest of Metro Orlando, Polk County home prices increased by about the same rate as Orlando’s and reached a median of $140,000 for August.
mshanklin@tribune.com or 407-420-5538
