2006: Second Best Year Ever for Sales, Florida Mortgages in Orlando

So much for a slump in some regions of the Florida housing market.

Despite signs that things have cooled off, Orlando will finish 2006 with its second-best year in terms of single-family existing home sales, according to the Orlando Regional Realtor Association.

Through the end of November, ORRA members were involved in 25,371 transactions. While that’s 717 fewer sales than in 2004 and below 2005’s record 31,230 transactions, ORRA says it expects the sales totals from December to propel this year’s sales past 2004’s.

Last month, mortgage interest rates rose one-half of one-tenth of a percent to 6.10 percent, ending a three-month falling trend. Nationally, interest rates hovered near 40-year lows, according to the National Association of Realtors.

Meanwhile, year-to-date Orlando condo sales rose 4 percent (to 4,564) over 2005.

Moreover, the sale of duplexes, town houses and villas surpassed 2005. To date, 15 percent more of these housing types sold, 2,075 compared with 1,799 in 2005.

Finally, existing home sales in Lake, Orange, Osceola and Seminole counties fell 30.6 percent in November (to 30,756 from 34,317) at this time last year. By county, Lake saw the biggest drop, 21.4 percent; followed by Osceola, 12.7 percent; Orange, 8.7 percent; and Seminole, 3.5 percent.

Most of the homes sold fell within the $200,000-$250,000 range (22.5 percent), with 17.7 percent in the $250,000-$300,000 price range. The two categories represented 810 of the metro area’s 1,956 transactions in November.

There had been fear that long-term, dangerous Florida home loans would make buying unattractive for some - but it appears to be unfounded, at least in this city