The Orlando Market
On April 17, 2017, The Orlando Regional Realtors’ Association (ORRA) reported that the median home price for March was $217,000. That is an increased of 11.3% over the median price reported in March of 2016 of $195,000.
Additionally, buyers pushed the supply of homes available for purchase in Orlando to just 2.5 months’ of inventory. That is the lowest reported since May of 2013, moving home sales even more into a sellers’ market. Economists consider six months, with a range of five to seven months, of supply as a balanced market between buyers and sellers.”
The affordability index* for March 2017 decreased to 140%, down from 148% reported last month. *(An affordability index of 101% means a family with median income earns 1% more than they need to be able to purchase a median priced home).
In February, Orlando area home buyers paid an average interest rate of 4.29%, unchanged from February. While up from the average of 2016, it’s still an historically low rate. See 30-Year Fixed-Rate Mortgages Since 1971 as reported by Freddie Mac for historical, national ,average mortgage interest rates.
For the complete ORRA report, including all the statistics and an excellent analysis, see ORRA Real Estate Market Report.
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