Market in Minutes-September 2021
Welcome to this months Market in a minute.
Florida’s resale housing market had another strong month in August. Closed sales of single-family homes were up by a fraction compared to a year ago, which is impressive given the rate at which homes were selling.
Orlando’s median home price remains unchanged in August from the prior month – but that’s still at a record-high $320,000 which is 16% higher than August 2020.
More notably, sales fell for a second straight month this summer. Dropping just over 4% from the previous month that’s a strong sign that the rate of price growth is continuing to slow down toward more sustainable levels.
For a fourth straight month, inventory increased. We saw an increase of just over 3% from July to August but that still leaves us 39% below the inventory levels of August 2020.
The supply of homes ticked up to nearly one month in August but remember a balanced market is six months. So despite the increase we still do not have enough homes on the market to meet buyer demand which continues to be fueled by low interest rates.
That means as we head into fall we’re still very much in seller’s territory and it continues to be a long road back towards a balanced market
Well that’s all for now but remember every market and every community is different so for the latest information on buying or selling 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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