Orlando
, Fla.
The home to the “Happiest Place on Earth” isn’t so happy these days. The city has 20 months of resale home supply, according to John Burns Real Estate Consulting, and sellers are slashing prices. The city was No. 7 in RealtyTrac’s list of cities with the most foreclosure fillings in 2008. A slowdown in construction activity is expected to bring demand and supply closer to a balance over the next several years.
Median price end of 2008: $175,200
Median price end of 2007: $240,400
Percent change: -27.1
Projected percent change through Q3 2009: -34.9
Affordability rating: 3.3
Foreclosures in 2008 (one for every 18 households): 46,843
Foreclosures in 2007 (one for every 52 households): 15,834
Change in foreclosures: 195.8
Expected to hit bottom: First quarter 2011
Percent drop needed to reach bottom: -62.1
Price trends
Q1 2008 national median price: $196,100
Q2 2008 national median price: $206,400
Q3 2008 national median price: $200,400
Q4 2008 national median price: $180,100
Q1 2008 local median price: $232,000
Q2 2008 local median price: $223,500
Q3 2008 local median price: $213,400
Q4 2008 local median price: $175,200
Back to the 40-city chart overview.
