ORLANDO, Fla. – Orlando home prices have surged 72 percent since 2011, but a new report found a slight shift in market trends.
According to the newly released Orlando Regional Realtor Association report, home sales dropped nearly 27 percent from December 2016 to January 2017.
Recommended Videos
Association president Bruce Elliot credited the sharp decline to the last-minute rush to close before the new year for tax purposes. Elliot suggested that sales would pick up in the coming months.
"The pending sales tally for January, which is an indicator of future transactions, jumped by 15 percent over the last 30 days and supports an upcoming increase in sales," Elliot said.
Overall, supply and demand has continued to play out across Central Florida with a shrinking pool of homes available for purchase. The report found a 21 percent drop in available homes for sales to potential buyers compared to January of 2016.
The lack of supply has sent prices rising for 66 consecutive months. The overall median home price in Orlando is just under $200,000. That is a 10.6 percent hike from January 2016, when homes were priced around $180,000.
The Orlando Regional Realtor Association highlighted two ZIP codes that saw the highest percentage of increase in media home prices.
See the full list below.