Orlando median price jumps 12 percent amid declines in both inventory and sales
The inventory of homes available for purchase in the Orlando area dropped by 9.91 percent in July 2016, contributing to a 6.28 percent decrease in sales and a 12.04 percent increase in median price when compared to July 2015. Inventory has experienced 13 consecutive months of year-over-year declines.
“We saw a slowdown of home sales in July, and we’re still seeing prices rise and fewer available homes on the market,” says Orlando Regional REALTOR® Association President John Lazenby, Colony Realty Group, Inc. “Competition for homes in the entry-level and mid-price range (under $300,000) continues to remain high, especially among first-time homebuyers and investors. Additionally, would-be sellers are staying put and hesitant to put their homes on the market because they will face high prices and few choices as they look for a new home. As expected, high demand and low supply is continuing to drive prices up.”