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July 10th, 2007 11:58 AM by David W. Welch
Just released today the June median price came in at $253,000 which is up from May and up from June '06. The other good news is that the inventory of homes for sale only grew by 460 in June compared to more than 1,000 in May. Now for the not so good news... As I have already reported the number of sales in June was down from May and down over 49% from June '06.
Interest rates are almost exactly the same as they were last year at this time. Unemployment is almost non-existent in Orlando with a 3% rate. Incomes are up and job growth is number ONE in the country. Plain and simple there was an overbuild of homes and condo conversions that have lead to an inventory glut. This is combined with investors moving their money into other investments or other markets. The new home inventory is starting to go down, and the investors will return.