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Inventory of homes for sale increased sharply last month in Orlando metro area

In May 2022, Orlando area home sales increased, as did the median price, but inventory rose sharply. (Andy Dean Photography/Adobe Stock)


The Orlando Regional Realtor Association says an unprecedented 44% increase last month in the inventory of homes for sale is a sign the market is beginning to level out.

The inventory was at 3,851, including 2,998 single-family homes on the market.

Meanwhile, higher interest rates are making it harder for Central Florida families to afford a new home.

The Realtor association’s newly released numbers  show a continuing increase in home sales in the Orlando metro area.

The median sale price also increased, to about $380,000, in May.

Meanwhile, the average interest rate on a 30-year fix-rate mortgage has climbed to 5.87 percent, according to Bankrate.com.

David Harrison, a professor of real estate at the University of Central Florida, says the recent rate increases add $300 to $400 a month to the mortgage payment for typical home sales in the Orlando area.

“Now with interest rates already up a couple of percentage points,” he says, “it’s basically about $100,000 less home that the typical family can afford in Orlando right now.”

Harrison says the impact on affordability will create “strong headwinds” for the housing market.


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Joe Byrnes

About Joe Byrnes

Reporter

Joe Byrnes came to WMFE/WMFV from the Ocala Star-Banner and The Gainesville Sun, where he worked as a reporter and editor for several years. Joe graduated from Loyola University in New Orleans and turned to journalism after teaching. He enjoys freshwater fishing and family gatherings.

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