HOUSINGNEWS REPORT
ORLANDO REAL ESTATE RECOVERS ITS MAGIC
ORLANDO HOME PRICES AND APPRECIATION
ANNUAL HOME PRICE APPRECIATION
ORLANDO-KISSIMMEE-SANFORD, FL MEDIAN HOME PRICE
$300,000
50%
40%
$250,000
30%
20%
$200,000
10%
$150,000
0%
-10%
$100,000
-20%
-30%
$50,000
-40%
$0
-50%
over-year increase in the first quarter to the slowest annual appreciation since Q3 2015. For July, the Orlando Regional Realtor Association (ORRA) reported a 2.2-month supply of existing housing with listed homes lasting for 45 days on the market. Sales of existing homes were down 3.4 percent for the entire metro area, which includes Lake, Orange, Osceola and Seminole counties. From May through July the ORRA reported that appreciation of the median home price stabilized on a year-over-year basis to single digits, a deceleration which “will help maintain a healthy housing market and protect Orlando’s affordability.” Addressing the current market trends, ORRA President Lou Nimkoff explained that days on the market “are at a historic low for us and will continue to drop. Our affordability
“Orlando was hit hard by the housing and financial crisis a decade ago. While prices have recovered to pre-crash levels, a lack of inventory continues to put upward pressure on prices.”
DAVID HARRISON PROFESSOR & HOWARD PHILLIPS EMINENT SCHOLAR CHAIR IN REAL ESTATE UNIVERSITY OF CENTRAL FLORIDA
lenders implemented in the wake of Hurricane Irma that hit central Florida in September last year. “Orlando was hit hard by the housing and financial crisis a decade ago,” said Harrison. “While prices have recovered to pre-crash levels, a lack of inventory continues to put upward pressure on prices. Given the strength of the local economy, prices should continue to be solid moving forward.” The median sales price for the metro area was $229,000 in the second quarter of 2018, a 6.5 percent increase from the previous quarter
and 9 percent above Q2 2017 — just 5 percent below the pre-recession peak of $242,000 in Q2 2006, according to ATTOM Data Solutions. The second quarter of 2018 was the 28th consecutive quarter with a year- over-year increase in Orlando-area median home prices, dating back to Q3 2011, when prices bottomed out. Since then home prices in Orlando have risen a total of 154 percent. But the ATTOM data also shows a deceleration in home price appreciation in the second quarter — the 9 percent year-over-year increase was down from a 12 percent year-
15
SEP 2018 | ATTOM DATA SOLUTIONS
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