Central Florida Expected To See A Rise In Home Prices And Sales

Dated: 12/20/2017

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It seems these Central Florida cities are about to get even hotter in the Sunshine State, as their home prices and sales are expected to rise in the coming year.

Realtor.com's 2018 National Housing Forecast ranked the Deltona-Daytona Beach-Ormond Beach MSA as No. 3 and Orlando-Kissimmee-Sanford as No. 17 in its Top 100 Largest U.S. Metros Ranked by Forecasted 2018 Sales & Price Growth report.

The Daytona Beach area is forecasted to have a 5.47 growth in home sales and see home prices to up by 6 percent, while metro Orlando is expected to see a 1.24 percent increase in home sales and a nearly 7 percent price spike.

"Pending home sales benefited from a strong post-hurricane bounce back in the South in October. The rest of the country continued to see year-over-year declines in pending home sales as depleted inventory continues to challenge would-be buyers, especially millennials. However, Realtor.com is predicting that relief may be on the horizon," said Realtor.com Chief Economist Danielle Hale in a prepared statement. "We expect to see slowing inventory declines into 2018 and an increase in the number of homes for sale in fall. Inventory is expected to recover first among higher-priced homes, so entry-level buyers will continue to face challenges in 2018, but the eventual lift in available homes is expected to push home sales up 2.5 percent next year."

The projected growth for Central Florida doesn't surprise Jack McCabe, CEO of Deerfield Beach-based McCabe Research & Consulting LLC. "The four-county region has had one of strongest years of the decade with prices continuing to rise. Some markets like South Florida have a lack of inventory, whereas Orlando is in a geographic location where it can grow in four different markets," said McCabe, adding that he expected the City Beautiful to actually be in the top 10 of the 100.

McCabe said the population migration to Orlando, job growth due to large companies relocating headquarters to the Orlando area and an increase in household income has been driving the market. "While we've seen more jobs being created here, the median income is remaining flat even though the housing expenses are going up. As we get more companies to move their headquarters down here, we will see an increase in income and more home sales, because people will be able to save up for a downpayment rather then spending most of their income on rent."

The current median salary needed to buy a home in Orlando is $54,148, as the median home price here is $247,900.

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