Potential Orlando homebuyers are in trouble with low inventory, high home prices, and rising mortgage rates.
The median sale price for a single-family home in the city is currently $257,000, 9.4 percent higher than a year ago, according to the Orlando Regional Realtor Association. The Orlando Sentinel reports that current market conditions have forced many buyers to reevaluate, changing budgets or target neighborhoods, or giving up on looking altogether.
Mortgage rates are also on the rise, jumping 0.8 percent since mid-September to 4.58, according to Freddie Mac. For a median-priced home in Central Florida, this could increase monthly mortgage payments than more than $75 a month.
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