We’ve seen a huge increase in buyers requesting information regarding new home sites in Orlando as well.
Orlando, FL (PRWEB) May 02, 2012
The National Association of Realtors is adding their support to the growing opinion that 2012 is the year of recovery for real estate.
The reason behind this estimation stems from the fact that pending home sales rose in March above an upwardly revised February estimation, showcasing a 4.1 percent increase to 101.4 in the Pending Home Sales Index. This has been the highest the index has climbed since April 2010.
“I have noticed many different signs that builders are stepping up production in the Orlando real estate market,” said Michael Kara, president of Kara Homes & Associates LLC. “Kathleen Shippey of DR Horton has posted over 110 year-to-date sales in the MLS, marking her as one of the top selling agents in Orlando. We’ve seen a huge increase in buyers requesting information regarding new home sites in Orlando as well.”
The PHSI is based on pending home sales where transactions have not been finalized, but contracts have been signed. It utilizes a large national sample size that represents about 20 percent of existing home sale transactions. An index level of 100 is considered healthy for the market, and is equal to contract activity during 2001.
Reflecting positive signs in areas such as Orlando, region specific PHSI for the South rose in March by 5.9 percent. This brought the total PHSI to 114.1, which is an increase of 10.6 percent from last year.
“Just last night I had dinner in Baldwin Park and noticed a builder had started construction on yet another city block,” remarked Kara. “Inventory is dropping on existing homes, which means buyers are looking for new home communities.”
For more information on local real estate including access to Orlando short sale property listings, please contact Kara Homes & Associates at (888) 477-5252.