The Orlando Market
On March 15, 2017, The Orlando Regional Realtors’ Association (ORRA) reported, “The Orlando housing market experienced increases in both median price and sales in February, while the inventory of homes available for purchase shrank by 21 percent in comparison to February of last year.”
There is currently 3.5 months of inventory, giving buyers limited choices and homeowners considering selling an opportunity. Inventory was 3.9 months back in February. (A market balanced between buyers and sellers is considered to be 5-7 months of supply).
The affordability index* for February 2017 decreased slightly to 148%, down from 152% 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%, essentially unchanged from the 4.30% reported for January. 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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