High Prices And Demand Mark Start Of Orlando’s Home Buying Season
A new report says the dwindling number of central Florida homes for sale has pushed up housing prices in the past year. Data from the Orlando Regional Realtor Association show the demand for affordable homes is up, and so is the median home price.
ORRA Treasurer Lou Nimkoff says it has to do with more banks selling foreclosed properties, which tend to be cheaper.
“A lot of those are being bought by institutional buyers and deep-pocketed buyers instead of, you know, your typical first-time home buyer which is challenging to first-time home buyer affordability,” said Nimkoff.
Nimkoff predicts housing prices will continue to rise as the number of homes for sale drop. He said new construction and and the expansion of SunRail could help the market.
Get The 90.7 WMFE Newsletter
Your trusted news source for the latest Central Florida COVID-19 news, updates on special programs and more. Support our extended coverage.GET THE LATEST