Orlando housing market remains hot despite interest rates increasing

Higher interest rates make it more expensive to borrow money. It could mean fewer people will be out looking for a new house, but a new realtor report says Central Florida is staying strong and becoming a housing market. Hotspot News six is Amanda Castro has the details.

Last month's housing report shows new records for home inventory in Orlando, as well as home prices experts saying this could be a sign that the market is leveling out.

As we continue to see interest rates rise, the central Florida housing market is hot. The Orlando Regional Realtors Association, which covers Orange, Osceola Lake, and Seminole Counties released its May housing report. It shows buyers are still willing to pay more for their homes. We're not gonna see prices come down.

And if you're looking to buy a house, this is the cheapest moment in history. You'll get to buy a house. According to the report, last month, the median home price was just under $380,000. That's up nearly 10 grand from April. Ann sets a record high for the fourth month in a row. Aura says, even with rising prices, the market is showing signs of leveling out.

With more supply data shows inventory increased by 44%. In. More than 1200 homes were listed. The highest monthly increase Orlando has seen by house. But Chris Kregan, the broker owner of group, says there's still not enough supply to meet demand. We're still probably a third of where we need to be.

And I think with the amount of people transferring here it's gonna be tough to get our inventory back to normal, and now it's going to cost more to finance a home loan. The Federal Reserve. Is raising interest rates by three quarters of a point. Mark Hamrick with bank rates says this is the third interest rate hike in recent months and is certainly not the last based on what we expect.

He says, at the beginning of the year, bank rate was offering a 30 year fixed mortgage rate around 3%. Now it's nearly doubled. Hamrick says this is contributing to the housing affordability crisis. People are. Being hurt by not only the higher cost of financing, but the still high cost of homes, and many people are being pinched by this.

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