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News Posted On: 15 April 2009
Low prices are tempting increasing numbers of people to buy property in the Florida city of Orlando.
Figures published by the Orlando Regional Realtor Association show that the average price of a home sold in the area during March was $137,000 (£91,500) - 37.73 per cent lower than in the corresponding month of 2008.
The average was slightly distorted by distressed sales, as homes already owned by banks accounted for 42 per cent of all transactions.
Properties owned by banks sold for an average of $95,000, while the value of the average standard sale was $174,995.
The chance to pick up a bargain helped to encourage people to buy property, with the number of completed sales 47.59 per cent higher in March 2009 than in March 2008.
Orlando Regional Realtor Association president Les Simmonds said "improved affordability" was driving the market."
Lower prices, record low interest rates, and a vast selection of homes give homebuyers increased buying power, making it an excellent time to buy," he added.
Meanwhile, the latest Integrated Asset Services housing survey revealed that residential property prices in Miami fell by 21 per cent in the 12 months ending February 2009, meaning they are now at the same level as they were in 2004.
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