"Median home price sets record"

Powered by population and job growth, metropolitan Orlando's existing-home sales continued at a steaming pace last month, with prices again escalating to record levels, a trade group reported Tuesday.

Through the first two months of this year, resales in the four-county area of Orange, Seminole, Lake and Osceola are 4 percent ahead of last year's record pace.

The median price -- half sold for more, half for less -- of the homes sold in the core Orange and Seminole county markets hit $198,000, up from $193,500 in January, also a record.

The slim inventory of available homes is pushing prices upward: There were 3,141 houses available for sale in February, a record low, down from 3,317 properties available in January.

Nationally, economists predict a slowing of the price escalation this year as interest rates cool demand.

Lydia Pisano, president of the Orlando Regional Realtor Association, which tracks the resale market, said demand locally must slow substantially before the price escalation begins to subside.

"With Orlando's record low inventory of available homes, prices will continue to rise faster than normal," she said. "Things will not change until the market gets closer to equilibrium between home buyers and sellers."

There were 2,395 existing-home sales in the four-county area in February, up from 2,307 a year earlier. For the first two months, 4,479 sales were posted, up from 4,303 in the year-earlier period.

Metro Orlando has set existing-home sales records for 12 consecutive years.

Jack Snyder can be reached at 407-420-5094 or jsnyder@orlandosentinel.com