Decline in available inventory sends Orlando median home price soaring 15 percent in June
The median price of Orlando homes sold during the month of June increased 15 percent compared to June of last year, the result in part of yet another double-digit decline in inventory.
“Orlando’s inventory has now seen 12 consecutive months of year-over-year declines with the month of June recording an 11.85 percent drop, the steepest to date,” points out Orlando Regional REALTOR® Association President John Lazenby, Colony Realty Group, Inc. “Low interest rates continue to be a contributing factor to the increasing buyer demand, and coupled with depleting inventory, is continuing to drive up the median price, which at $207,000, is the highest since July 2008. Current demand even helped generate a 5 percent increase in sales compared to last month, despite the limited choice of available homes.”
