Homes In The Orlando Area Dropping PRICE

Dated: 05/10/2018

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Orlando’s home sales dropped off more and home prices rose faster in March from a year earlier than in the state as a whole, raising questions of whether the chill in sales is temporary or long term.

In March, home sales for Orange, Seminole, Lake and Osceola counties were down 4.2 percent . In metro areas across the state, sales declined in March from a year earlier but slightly less than the drop in Metro Orlando.

Florida Realtors Chief Economist Brad O’Connor said a sales dropoff throughout most of the state might reflect how fast-paced the market was a year ago.

“Single-family home sales were down 3.5 percent year-over-year in March, the largest such drop in over a year – excluding, of course, last September when Irma briefly shut down the housing market,” O’Connor said. “We shouldn’t ignore, however, that March of 2017 was an unusually strong month for closed sales, so from the start, the odds were already stacked against any substantial year-over-year sales growth taking place this March.

In Central Florida and throughout the state, the story of the residential real estate market in early spring has been one of shortages with sales down from a year ago.

The midpoint sales price for regular houses in Orange, Seminole, Lake and Osceola counties in March was $259,900, which was up 9.2 percent from a year earlier. The region’s price gains surpassed the state’s 8.2 percent increase in sales prices from March 2016, according to Florida Realtors.

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