The median price of the single-family homes and condos sold last month was $233,000, up slightly from January’s median but 12.6 percent lower than the $255,000 median recorded in February 2007.
The number of houses for sale in the Realtors’ database rose by 260 in February to 25,984 — an inventory that would take more than 28 months to sell at the current sales pace.
Although the backlog remains near record highs and sales prices are down by double-digit percentages, Orlando economist Hank Fishkind said the market is beginning to stabilize.
“There is very little movement on average price,” Fishkind said. “The median price has gone down, but the average dollar volume of sales hasn’t changed much for four months in a row.
“This, however, doesn’t mean we will see recovery any time soon.”
Steven Moriera, president of the Orlando Realtors group, said he thinks the year-over-year declines are beginning to moderate
