Over the past year, the Orlando metro area has been the 10th most active market for new-construction home sales in the entire country, according to a recently released report from CoreLogic. The report adds that 15 percent of the area’s total home sales are newly built homes.
And home sales are on the rise. As of April 2015, they topped 5 million two months in a row and are up 6 percent from one year ago, notes the National Association of Realtors. This comes on the heels of news that new home construction in the Greater Orlando area is at its highest level in more than 7 years, at 1.135 million per year. Construction starts were up 20% (and home construction permits up 10%) in April 2015 over the previous month.
This matches the sentiment captured by the National Association of Home Builders index, which quantifies builders’ optimism about the current housing market. It was at 54 points in April 2015, and a score over 50 indicates that most builders think sales conditions are good.
As the Orlando Business Journal recently reported, chief economist for the National Association of Realtors Lawrence Yun said home prices are being driven up because supply simply isn’t keeping pace with demand.
While the increase in development in Central Florida means more options for home buyers, there are a number of downsides to the current state of the market. In addition to rising prices, it’s easier than ever to miss great opportunities, and competition for new-construction homes in desirable communities is fiercer than ever.
At Orlando New Home Experts, our team and proprietary database have you covered. We ensure you get the jump on other buyers and find exactly what you’re looking for, and that you benefit from builder incentives as much as possible. Explore our site or get in touch to learn more about how we do it.