Builders Respond to Less Expensive Housing Desires
In today’s housing market, there are two main affordability challenges impacting buyers: mortgage rates that are higher than they’ve been the past couple of years, and rising home prices caused by low inventory. To overcome those challenges, many people are working with their agents to find less expensive homes. And with newly built homes making up a historically large percentage of the total available inventory today, that search often includes brand new homes.
People Are Spending Less on Newly Built Homes
The graph below uses the latest information from the Census to show, in June, more of the newly built home sales in this country were in lower price ranges than in 2022:
Call me TODAY for more information!
407-341-8814
Orlando Real Estate Market – Weekly Update
August 13, 2023 – August 19, 2023
Single-family existing homes
- Sales of single-family homes increased to 422 during the week of August 13, from 416 the week prior
- The median price of single family homes decreased to $420,000, a change of -1.5%
- Single-family inventory increased by 21, and now sits at 4,299
Sales of condos, townhomes, and villas
- Sales of condos, townhomes, and villas increased to 150 during the week of August 13, from 131 the week prior
- The median price of condos, townhomes, and villas increased to $301,500 a change of 5.8%
- Condo inventory increased by 19, and now sits at 1,749