By Cindy Barth  – Editor, Orlando Business Journal Dec 17, 2018, 11:13am EST

Home sales nationwide fell in November at the fastest rate in two years while the number of #homes listed #for sale increased at the fastest rate in three years,

The latest housing report from the Orlando Regional Realtor Association is a bit of good news/not so good news for the region as far as activity that took place in November.

First, the good news: The inventory of homes available for purchase in the Orlando area has experienced its first year-over-year increase since July 2015, with the overall inventory in November 1.7% higher than November 2017. In addition, the overall median price of Orlando homes sold in November is $233,100, 3.6% above the November 2017 median price of $224,995 and 1.8% above the October 2018 median price of $229,000.

“The tide has turned. Sellers are now competing for buyers, but they haven’t all realized it yet,”  Broker #Agent with Keller Williams Realty 

The bad news: Sales of single-family homes — 1,978 — in November decreased by 8.9% compared to November 2017, ORRA said.

“This slight rise in inventory can be attributed to a combination of both slowing sales and a bump in new listings, which increased by 4.5% compared to this same time last year,” said ORRA President Lou Nimkoff. “Factor in expected increases in interest rates that traditionally dampen sales, and we anticipate prospective homebuyers enjoying bolstered inventory levels throughout the upcoming year.”

Current inventory combined with the current pace of sales created a 3.3-month supply of homes in Orlando for November.

November Home Market Statistics is available on Maycumber and Associates