ON THE COMEBACK TRAIL?

ON THE COMEBACK TRAIL?

Orlando's housing market looks to have begun a modest recovery based on some recent indicators reported by the Orlando Regional Realtor Association: a four-month decline in inventory, an increase in the median home price and an increase in homes under contract. This new data is evidence of the beginnings of a gradual turnaround for later in 2008 and 2009, according to Sean Snaith, director of the Institute for Economic Competitiveness at the University of Central Florida. Snaith predicts that the housing market will return to normal by 2010. "Not back to the torrid pace in the boom," Snaith notes, "but back to where it was previously." The figure released by the Realtors show the median price of an existing home rose in June 2.89 percent to $217,500. In addition, inventory dropped by almost 1,500 homes in the past four months while 3,329 homes are under contract - up from 3,225 in May.