The Orlando Market
On July 17, 2017, The Orlando Regional Realtors’ Association (ORRA) reported that the median price for homes sold in Orlando increased to $225,000 and more than 7% in June, compared to June of 2016 when the median home price was $207,000. Home prices have increased now for 71 consecutive months and 93% since July 2011.
Inventory continued to decrease and now sits at 2.4 months’ supply, just slightly above the 2.3 months reported last month and the lowest since September 2005. Six months, with a range of five to seven months, of supply as a balanced market between buyers and sellers. This market continues to be a fiercely strong sellers’ market.
The affordability index* for April was essentially steady at 142% overall and 101% for first-time home buyers. *(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 June, Orlando area home buyers paid an average interest rate of 3.98%, down 11 basis points from May. Interest rates are a key factor of affordability. Mortgage loan interest rates are very low by historical standards. 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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