Orlando Regional Realtor® Association reports 10% increase in home values for August 2020

Orlando Regional Realtor Association® reports Central Florida median home value up 10% year-over-year in its September 2020 Market Report (for data from August.) Median value now at $275,000 with ADOM holding at only 51 days. Number of home sales rose 3.8% from July to August after stalling from Covid-19 lock-downs. Inventory is down 22.1% year-over-year with an extremely limited 2 months’ supply available. Experts consider 6 months’ supply as a balanced market. Data is indicative a “Seller’s Market” with a very robust demand for housing and declining supply available for purchase. The story is “lack of inventory, not lack of buyer activity.” Distressed property sales, which include short sale & REO homes, has nearly been completely depleted and comprising only 2% of all sales. The average mortgage rate of 2.85% is among the lowest on record. The full report is available here: ORRA Market Pulse Report September 2020