Orlando Home Sales and Median Price on the Rise

ORRA’s housing report shows Orlando home sales and median price on the rise

Orlando Regional Realtor Association‘s November housing report brought good news: Orlando home sales and median price are on the rise. Mortgage rates are also rising in Orlando. Here are the highlights of the report:

Home sales

Orlando home sales experienced a 7 percent jump from November 2015 to last month, along with a 9 percent increase in median price. The average interest rate paid by an Orlando homebuyer this November was 3.82 percent, up from 3.57 percent last year.

Median price

The overall median price for last month was $200,000, an 8.70 percent jump compared to the $184,000 median price in November 2015. The median price was 2.44 percent below the October 2016 median of $205,000.

Completed sales

Members of the Orlando Regional Realtor Association helped sell 2,481 homes that closed last month, up 6.71 percent compared to November 2015. Sales decreased by 8.15 percent in November compared to the prior month.

Pending sales

The number of pending sales was at about 5,122 last month, 1.18 percent lower than the year-ago period and 8.54 percent higher than in October.

Inventory

The number of existing homes available for purchase last month, about 9,270, was 17.96 percent below that of November 2015. Inventory decreased by 7.53 percent (755 homes) compared to October.

Affordability

The November affordability index was 160.37, down from October’s 161.08 percent.

Condos and townhomes/duplexes/villas

Condo sales in the Orlando area were up by 0.36 percent, with 281 sales recorded last month, compared to 280 in November 2015.

MSA Numbers

Sales of existing homes within metro Orlando in November (3,037) were up by 5.23 percent compared to November 2015 (2,886). To date, sales in the metro area are down 0.27 percent. Comparing last month’s existing home sales with November 2015, Lake was 18.89 percent above 2015; Orange was down 2.88 percent; Osceola was up 19.23 percent; and Seminole was up 5.77 percent.

Source: “Orlando home sales, median price, mortgage rates on the rise,” Orlando Business Journal