Inventory of homes in Central Florida has dropped again to new record of 8457 properties for sale. Median price increased by 11% and pending sales increased by 8%. New contracts increased by 19% and inventory of homes available dropped to 21%. The shortage of homes available for sale is due to high demand of Buyers. Consumer confidence remains high with a positive outlook and great optimism regarding the outlook for business, jobs and personal income prospects.
Millenials are also entering the Real Estate market. More than four in five (80%) millennials in the United States who don’t own a home intend to buy in the next five years, according to recent HSBC Group research.
“The vast majority of housing markets across the nation remain healthy and are projected to stay that way through 2018,” says Dr. Ralph G. DeFranco, global chief economist at mortgage services of Arch Capital Services Inc. “Looking back at 2016, home prices grew 6 percent and rose in all 50 states. This year, conditions are in place for home prices to grow faster than incomes as a result of a tightening job market, still relatively low interest rates, tight supply and an overall shortage of housing.”