The Orlando Regional Realtor Association released its report on May's housing market, showing that sales, median home prices and inventory are all on the rise.
Overall sales by ORRA members increased 10.6 percent from May 2018 and 13.9 percent from April 2019.
The overall median price of Orlando homes in May went up to $243,ooo from $233,000 in May 2018.
The overall inventory of homes available for purchase showed a 8.5 percent increase compared to May 2018.
“We are expecting to see moderate sales gains for rest of the selling season to be supported by factors such as stabilizing prices; mortgage rates that are holding steady and even dropping a bit and Orlando’s strong job growth,” says Orlando Regional Realtor Association President Jeffrey M. Fagan. “Regular gains in inventory, albeit smaller than buyers would like, are boosting sales a bit as well.”
The Orlando housing affordability index decreased from 134.10 percent in April 2019 to 130.49 percent. The first-time homebuyers affordability index decreased from 95.36 in April 2019 to 92.79 percent. An affordability index under 100 percent indicates that someone who earns the median income would not be able to afford a median-priced home. An affordability index over 100 percent indicates the median-income buyer earns more than necessary to afford a median-priced home.
It took an average total of 90 days from listing to closing in May 2019.
In addition, sales of existing homes in Orlando decreased 4.2 percent compared to last year, with Lake County seeing the greatest drop of 15.3 percent compared to May 2018.
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