June Market in a Minute
Welcome to this months Market in a minute. We all know the housing market is booming and setting records. Median home prices in the Orlando area reached a new high in June 2021: $315,000. That is a 5% increase from the previous month and a 19% increase over June 2020, when the median home price was $265,000.
Across the state closings in June were up 24% on June last year when the rebound from pandemic started but we are seeing things revert back to a more normal level.
Our real challenge continues to be inventory. We are over 47% below inventory levels for last year, but there are signs pointing to us having reached the peak of the seller’s market.
Inventory of single-family homes had its first significant monthly increase in June since March of last year. Remember we were in a seller market before the pandemic started, but the ratio of buyers to sellers is finally starting to fall a little bit,
So, if we had more homes come to market in June why are inventory levels setting record lows – well, it’s not that we have fewer listings it’s simply a surge in demand ……we have more buyers fueled by low interest rates and people moving into the state.
Looking forward we should see the rate of home price growth cool down somewhat in the coming months, although that will also depend on interest rates and whether they start to trend higher again, as well.
Well that’s all for now but remember every market and every community is different so for the latest information make sure you speak with your Realtor here at Bardell Real Estate and I look forward to seeing you next month
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