The Orlando Regional Realtor Association released its annual report for the 2018 housing market, showing the average prices of homes are continuing to increase while sales drop.
The report shows that since 2017, the overall median price of Orlando homes has gone up to $232,500 from $220,000.
Correlated to the price increases, sales have gone down by 3.2 percent since the previous year. The report indicated that over one thousand fewer homes were sold in 2018 when compared to 2017 sales. Although, this occurred after a 3.9 percent increase in sales from 2016 to 2017.
ORRA President Jeffrey M. Fagan, of Watson Realty Corp., said in the report that these trends may show signs of a stabilizing housing market. “As evidenced by slipping sales in the last months of 2018, we expect Orlando’s year-over-year sales to further decline in 2019. Such a slowdown will help the market to finally move toward a better balance between buyers and sellers.”
The county with the largest drop in sales compared to the previous year was Lake County, with a 6.1 percent drop, followed by Orange County with a 5.4 percent drop.
By the end of 2018, 36,048 homes were sold, compared to 37,237 in 2017.
The city of Orlando-Kissimmee-Sanford area ranked as second worst for affordable housing among the major metropolitan areas in the nation, according to a 2018 report from the National Low Income Housing Coalition.
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