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The coronavirus pandemic has made homebuying harder -- here’s how

Number of available homes for sale continues to drop, report says

ORLANDO, Fla. – A new report from the Orlando Regional Realtor Association shows the number of available homes for sale dropped 22.1% in August compared to a year ago and dropped nearly 5% compared to July.

Reese Stewart serves as president of the Orlando Regional Realtor Association, which covers Lake, Orange, Osceola and Seminole counties.

“We’re at a historical low,” he said. “Prices are going up, which is a great thing, but sellers aren’t going to put their house on the market if there’s no place to buy, so that’s concerning.”

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The report points out that housing economists generally consider a 5- to 6-month supply to indicate a healthy market that is balanced between buyers and sellers, whereas Central Florida currently has less than a month’s supply, according to Stewart.

Of the homes sold, the report found the overall median price of Orlando homes in August was $275,000, which is 10% above the August 2019 median price of $250,000 and 1.9% above the July 2020 median price of $270,000.

The news comes after a recent report showed nearly 1,000 people moving to Florida every day.

A 2019 report by Orlando Economic Partnership predicted the Orlando area to “add more than 1,500 people to the region every week for the next 11 years, eventually reaching a population of 5.2 million people.” Leaders behind the report told News 6 that despite the pandemic, they are still projecting that growth for the future.

T. James Agosto stays busy during the pandemic as a realtor in Central Florida, with more activity on one home than he’d ever seen.

“In two days, we had 17 offers,” he said. “We saw a little decline during the April timeline, but after that, it’s pedal to the metal.”

With low interest rates and more people leaving northern states for the South, Agosto told News 6 he plans to see more demand continue through the year.

“They’re going for top price,” he said. “It’s an insane market right now.”


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