More buyers snap up homes before possible interest rate increase

Buyers continue to gobble up Florida’s declining single-family home inventory.

Here in Orlando, sales of single-family homes increased by 10.6 percent, going higher than the statewide average. Condo sales increased 18.4 percent, as previously reported by Orlando Business Journal.

Sales of single-family homes statewide totaled 25,921 last month. Of that amount, 2,707 were in Orlando.

Florida Realtors President Maria Wells attributes the strong sales to higher demand and motivated buyers taking action before interest rates can rise higher. The interest rate for a 30-year fixed-rate mortgage averaged 4.2 percent in March 2017, up from 3.69 percent a year ago, according to Freddie Mac.

The statewide median sales price for single-family existing homes last month was $231,900, up 10.4 percent from the previous year, according to the Florida Realtors.

Orlando’s overall median home price is $217,000, 11.3 percent above the March 2016 median price of $195,000, about $15,000 below the national average.

Sarah Aslam, Staff Writer - Orlando Business Journal