That's the largest year-over-year price increase we've seen, and it brings the median price in August to $250,000. The ORRA August report also notes a decrease in the inventory of available homes by 2 percent. Sales have slowed, as well, increasing by only 0.1 percent from August 2018.
Worse, Orlando's skyrocketing demand for affordable housing is driving the increase.
"The lower-price range categories," says Orlando Regional Realtor Association president Jeffrey M. Fagan, "have solid demand and insufficient supply." This combination "is consequently pushing up home prices."
The report also notes that the housing market is experiencing "very favorable interest rates," the low supply of housing "is leaving first-time homebuyers with few options" and "is restraining sales up the ladder."
Of all types of housing combined, the overall median price of Orlando homes sold in August was $250,000, which is 8.7% above the August 2018 median price of $230,000, and up 1.1% compared to the July 2019 median price of $247,250.
The median price for single-family homes that changed hands in August increased 5.9% over August 2018 and is now $270,000. The median price for condos increased 8.8% to $137,000.
Sales of distressed homes, from foreclosures or short sales, were 29.5 percent lower than in August 2018, making up 2.4 percent of the Orlando-area sales.
Orange County home prices in the report, however, were 1.1 percent below August 2018, while Seminole County homes were only 0.5% higher than last year. Osceola home prices were 6.1 percent higher, as well.