The median price of Orlando homes increased by about $10,000 over the course of the last year, according to figures released by the Orlando Regional REALTOR® Association.
The new median of $120,000 showcases a 9.09 percent increase over April, and an 11.11 percent increase since the beginning of the year.
Short sales saw the biggest increase in comparison to figures from May 2011 with median sales prices going from $102,000 to $108,000, or a total of 5.88 percent.
Interest rates have continued to decline for Orlando homebuyers, making it a great time for buyers. The average interest rate for May was 3.89 percent, making it the lowest rate ever recorded by ORRA.
Overall home inventory fell to 8,243, representing a sharp decline of 24.85 percent from May of the previous year. This reflects a similar supply to that of December 2005.
The rest of the report includes full figures and more information, including pending sales numbers.