Orlando home price increases appear among nation's top
You might have missed your chance for a relative bargain on an Orlando home, judging by the increases shown nationwide in the latest Case-Shiller home-price index.
In the latest the 20-city composite of the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, most cities posted gains higher than those seen here in Metro Orlando’s for March.
If Case-Shiller included Central Florida, where Orlando Regional Realtor Association measured a 6 percent increase compared with March 2017, the increases here would only rate ahead of seven of the nation’s top 20 cities.
In April, however, ORRA measured a 10.3 percent price increase. When Case-Shiller’s April prices come out, Orlando’s increases could place it in the top five.
“Central Florida is becoming an attractive market even for Floridians,” said Cleve Loveland, broker and owner at Loveland Properties in Orlando.
Summer months tend to bring higher prices amid increased activity, Loveland said, also citing reports of new willingness to buy among millennials and that some people feel more able to move after feeling stuck in their previous homes because of the increase in values.“
The market is getting a little hotter, but I don’t think we’ll keep going at 10 percent increases year over year,” he said.
Nearby Tampa ranked ninth in Case-Shiller’s 20-city composite for March at 7.5 percent year-over-year increase. Miami was 17th at 5 percent, with only Washington, Cleveland and Chicago trailing.
Seattle led the nation with a 13 percent increase, ahead of Las Vegas with 12.4 and San Francisco with 11.3 — the only three cities that in March exceeded Orlando’s increases for April.
A silver lining for buyers who didn’t find a home in March: “Compared to the price gains of the last boom in the early 2000s, things are calmer today,” said says David M. Blitzer of S&P Dow Jones Indices.
Loveland said he sees the same for Metro Orlando.
“We’re not going toward another bubble, because supply is really low,” he said.
Written and Posted by Orlando Sentinel on May 29, 2018
