ORANGE COUNTY, Fla. – The Orlando Regional Realtor Association released its latest state of the market report on Tuesday, which looked at the housing market in Orange and Seminole counties.
The report shows that the inventory for single-family homes, apartments and townhouses has increased, although buyers are generally seeing higher interest rates from year to year.
Last December, the report showed inventory for single-family homes stood at 4,900, up from just over 1,900 available homes in December 2021.
“That just gives our buyers more options and the luxury of finding the home they really want,” says Lisa Hill.
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Hill is president of the Orlando Regional Realtor Association. She said buyers are now also facing higher interest rates than the year before. Their report shows that interest rates for housing were 6.12% last December, compared to 3.07% in December 2021.
“I think (people) should be encouraged,” Hill said. “Even though interest rates are higher now, you still have people who want to buy their own home.”
The report also shows that the median cost for a home as of December 2022 in Orange and Seminole counties is just over $353,000. That’s more than $340,000 the year before.
Hill said it appears to be both a buyer’s and a seller’s market right now.
Orlando resident Jeriah Owens is looking for her second home. She told News 6 that especially as a single mother, it was a bit frustrating with the rising and falling interest rates and house prices.
“Some things I’ll see and then I’ll say, ‘That’s not so bad,’ then I’ll look again and say, ‘This crazy,'” Owens said.
“Two years ago when I was looking for the same type of houses that I am looking at now they were $250,000 – $300,000 – 2 years ago and now at least $450,000 and they are the same type of houses.”
Owens said she knows it also depends on how much buyers are willing to spend right now.
“When I go higher, of course there are houses everywhere,” said Owens. “I’d say there’s still a good amount of selections out there, just not affordable.”
You can read the Orlando Realtor Association’s full report here.
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