Orlando in top 10 among increasing home prices
According to a recent report released by one major real estate analytics firm, Orlando ranked among the top ten metro areas in the country with the highest percentage change in asking prices from last year. With prices continuing to trend upward, indicating an overall improving real estate market, families and prospective homebuyers should consider looking at houses for sale in Orlando.
For the month of August, homes in Orlando increased their asking prices by 8.6 percent from the same time period a year ago. This represented a significant increase, not just year-over-year, but also from just three months ago. In May, the percentage change in asking price for homes in Orlando had increased by 5.3 percent from that time period a year ago. Phoenix headed this list of cities with increasing home prices, demonstrating a robust 24.2 percent change from the previous year. Cape Coral-Fort Myers was a distant second, with an impressive 16.5 percent change in prices from the previous year.
Additionally, Orlando made the list of improving housing markets that was released by the National Association of Home Builders and First American. The Improving Markets Index (IMI) expanded its list of housing markets that were deemed to be trending upward from 80 in August to 99 in September.
"More metros across the country are experiencing a sustained uptick in house prices, employment and new building activity as rising consumer confidence in local market conditions pushes more people to consider a new-home purchase," NAHB Chief Economist David Crowe said in a statement.
Orlando was deemed to be an improving market through the study's ratings of three different measures. The study looked at employment growth from the Bureau of Labor Statistics, house price appreciation from Freddie Mac and single-family housing permit growth from the U.S. Census Bureau. In order to make the list, a particular metro area must demonstrate growth in all three areas for a time period of at least six months.
Under these measures, the city of Orlando demonstrated comparable growth across the board. The number of single-family housing permits issued increased by 3.6 percent, while home prices improved by 3.3 percent over the six month period. Meanwhile, employment grew by 3.2 percent, indicating an overall improving local economy and real estate market.