Home prices in Metro Orlando have risen for seven straight years.
A 6.8% increase year-over-year pushed the midpoint sale price of a home in Central Florida to $239,180 in June, the 84th straight month of increases, according to Orlando Regional Realtor Association.
June’s price is more than double the June 2011 midpoint sale price of $115,500, according to statistics provided by the group. Single-family homes’ midpoint has reached $260,000, up 6.6%, with condominiums at $125,000, up 13.6%.
Short supply played a role in rising prices — and both factors led to 11.1% fewer sales than last June. That decrease came at a time of year traditionally known for higher sales because families tend to move before the school year begins, said Lou Nimkoff, ORRA President.
“Incredibly low supply continues to be the primary impediment to sales in Orlando, but the combination of higher prices and mortgage rates contribute by pinching the budgets of some prospective buyers — particularly first-timers — and thwarting their efforts to buy,” said Nimkoff of Brio Real Estate Services.
Available listings were down 17.3% year-over-year. The supply of homes remained steady from May at 2.2 months’ worth.
Sales volume drops year-over-year by county were Lake, 12.8%; Orange, 12.1%; Osceola, 9.9%; and Seminole, 9.6%.
For 2018, home sales in Metro Orlando are down 1.8%.
Tribune Content Agency