A new housing report from the Orlando Regional Realtor Association published Monday shows November home sales have declined and inventory is building as interest rates have quickly cooled the real estate market.
Home sales plunged 6.9% last month to 2,575 while the number of homes for sale jumped to a 3.3-month supply, the largest inventory build in more than one year.
Real estate agents have told the Orlando Sentinel that interest rate increases have completely removed buyers from the market.
“There has been a shock in how quickly interest rates have gone up,” said Eric Soto, a real estate agent and co-owner of TC Orlando Homes based in Altamonte Springs.
What is happening in Orlando mirrors trends nationally: Existing home sales have peaked, reflecting declining affordability, greater price reductions, and deteriorating housing sentiment.
As we have mentioned before, real estate markets across the country are at turning points, where housing prices have not just plateaued, but could soon experience a noticeable drop in 2019.
In Greater Orlando, November single-family home prices stalled from the month before.
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2 comments:
I'm in the market to buy a house.
I am quite happy about this news.
Look in Fruitland. New homes bottom prices. No kidding. My experience.
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