Metro Orlando’s annualized pace of new-home construction was up 14 percent as of June 30, compared with the same 12 months a year ago, according to a second-quarter report by Metrostudy, which counts new-home units within its markets.
Single-family starts totaled 1,116 units in the second quarter, up 39 percent from the first quarter. Sales have slowed since April 30, the deadline for a federal home-buying tax credit, and that will likely reduce demand in the current quarter as well. Second-quarter closings totaled 1,216 units, down 4 percent from the same 2009 quarter.
The inventory of single-family homes stood at 3,757, or a nine-month supply. Metrostudy considers six to seven months of supply to be healthy. Finished-but-vacant units accounted for nearly 70 percent of inventory, when 25 percent to 30 percent is considered healthy.
“Buyers will want to see evidence of a sustained recovery (including job growth) before confidence returns and they are willing to invest in a real estate market,” wrote Anthony Crocco, Metrostudy’s Central Florida director.
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