The median home price in the Orlando area increased last month while the number of sales dropped slightly.
The Orlando Regional Realtor Association reports that in July 2017 the median price for a home was $220,000. The median price for a condo was $115,000. The condo price is 21 percent higher than it was a year ago.
While prices are rising, sales are shrinking. The association says it’s not because people aren’t looking, it’s because of an inventory shortage, especially in homes for under $250,000.
“Would-be-first time homebuyers are being kept on the sidelines by limited inventory and rising prices,” said ORRA President Bruce Elliott in a statement. “However, rising prices have slowed some of the investor activity, which could mean slightly less competition for homes at the lower end of the market.”
The average new homeowner is paying an interest rate of 4.01 percent. That’s up from 3.98 percent in June of this year.
Home Sales By County
Lake County: 12.2 percent higher than July 2016
Orange County: 0.5 percent lower than July 2016
Osceola County: 0.7 percent higher than July 2016
Seminole County: 8.7 percent lower than July 2016