Orlando median home prices rebound by 22 percent



ORLANDO, Fla. - New numbers released Monday show that Orlando's housing market is rebounding.

Median home prices jumped 22 percent in March 2013 from last year, according to the Orlando Regional Realtor Association.

It's not taking long for homes in Orlando to sell. Seller Dieter Hinrichs said the market is improving. He said he can see the result first-hand.

Hinrichs and his wife put their house up for sale in early March and quickly received offers.

"We put the house on the market on Wednesday and had an offer in a couple of days, and then had another offer on the weekend," Hinrichs said.

New numbers released by the Orlando Regional Realtor Association, which covers mostly Orange and Seminole counties, show the median price of homes sold this March is $140,000, compared to March 2012 when it was $115,000.

Realtors credit the price increase to homes like Hinrichs. They said they've seen a spike in the number of traditional homes sold while seeing fewer foreclosures and short sales.

Real estate broker Malte Strauss said it's a terrific sign for the Orlando market.

Strauss said traditional homes sell for more money, which raises the median price.

He also said there's an overall lower inventory in homes, and even the banks are selling distressed properties for more money.

"It's tough for buyers right now. Very competitive; multiple offers on nice properties," Strauss said.

Strauss said he's not surprised to see homes like Hinrich's go so quickly.

"The sale process actually went very well for us," Strauss said.