The Orlando Market
On January 16, 2017, The Orlando Regional Realtors’ Association (ORRA) reported, “Orlando’s 2016 annual median price ($200,000) is a healthy 12.1 percent higher than the 2015 annual median price ($178,500), thanks to another 12 months of year-over-year price increases”. Inventory sits at 2.9 months supply, down from the 3.7 months reported last month. This is a strong sellers’ market. (A market balanced between buyers and sellers is considered to be 5-7 months of supply).
The affordability index* for December 2016 decreased significantly from November to 145%. *(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 December, Orlando area home buyers paid an average interest rate of 4.32%, a jump of 50 basis points from October. It’s the highest reported in more than two years. 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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