Prospective homebuyers will be cheered to learn that the rocketing rise in prices Orlando has seen over the past years stabilized this summer in the healthy single-digits. For the last three months, the year-over-year median price has increased between 6 and 7 percent.

The deceleration will help maintain a healthy housing market and protect Orlando’s affordability, especially as it compares to other cities around the country where prices are rising beyond the reach of buyers, explains ORRA President Lou Nimkoff, Brio Real Estate Services LLC. “In addition, while prices have been rising steadily over the past seven years they have not yet reached pre-recession peak prices. Orlando homes purchased now still have room for normal appreciation, which makes a house a good investment.”

Check the video below for ORRA HOUSING MARKET REPORT – August 2018

The overall median price of Orlando homes (all types combined) sold July is $235,000, which is 6.8 percent above the July 2017 median price of $220,000 and 1.3 percent below the June 2018 median price of $238,000. 

The overall inventory of homes that were available for purchase in July (7,525) represents a decrease of 16.9 percent when compared to July 2017, and a 0.4 percent decrease compared to last month. There were 15.3 percent fewer single-family homes and 14.8 percent fewer condos.

Current inventory combined with the current pace of sales created a 2.2-month supply of homes in Orlando for July. There was a 2.2-month supply in June 2018 and a 2.7-month supply in July 2017.

The average interest rate paid by Orlando homebuyers in July was 4.59, down from 4.61 percent the month prior.

Year-over-year increases in median price have been recorded for the past 85 consecutive months; as of July 2018, the overall median price is 103.5 percent higher than it was back in July 2011.

The median price for single-family homes that changed hands in July increased 6.3 percent over July 2017 and is now $255,000. The median price for condos increased 10.4 percent to $127,000. For More Information Click here