Home prices and home sales continued their upward climb in June as housing inventory in Orlando dropped once again.
The median price of homes sold in Orlando increased about 7.5% annually in June, according to the latest report from Orlando Regional Realtor Association. Home sales increased nearly 8% during that same time period.
Housing inventory fell, but saw the smallest decline this year at a decrease of 14% from inventory levels in June 2016, the report showed.
The median home price in Orlando for all housing types increased to $222,500, up from last year’s $207,000. This marks the 71st consecutive month of annual declines. This marks an increase of 92.6% since July 2011.
Home sales increased to 3,837 for all home types in June, up from last year’s 3,556 sales. However, this is 0.21% below the 3,845 sales reported in May.
“Those able to close on a home last month are probably feeling both happy and relieved,” ORRA President Bruce Elliott said. “Listings in the affordable price range are scarce, homes are coming off the market at an extremely fast pace, and the prevalence of multiple offers in some cases are pushing prices higher.”
After its drop in June, housing inventory now stands at just a 2.99-month supply, up slightly from last month’s 2.28-month supply. Total housing inventory, while down year-over-year, increased 4.1% from May.