7 things to know today and Orlando home values fall again
After rising for 85 consecutive months, home values nationwide dropped for the second straight month in May, including here in Orlando, a new report from Zillow shows.
In the Orlando metro area:
- Home values fell 0.2% month-over-month. The median home is now worth $240,100.
- The median rent is $1,545, up 6.8% from a year ago.
- Inventory is up 6.5% year-over-year. There are 850 more homes on the market than last May.
Across the U.S., home values grew 5.4% year-over-year — still strong, but down from 7.5% annual appreciation a year earlier. San Jose remains the only market to have turned negative year-over-year, falling 5.7%. Other data for the month:
- The typical U.S. home is worth $226,800, down 0.1% month-over-month.
- The median monthly rent in the U.S. is $1,479. Rents grew for the seventh straight month, up 2.7% year-over-year.
- For-sale inventory in the U.S. fell 0.5% annually. There are 7,946 fewer homes for sale than in May 2018.
“Stepping back to think about housing over the long haul, the current slowdown in home value appreciation is expected and comforting,” said Zillow Director of Economic Research Skylar Olsen. “While the slowdown has been arguably abrupt, the soft declines over the past two months should not cause too much alarm. The aggressive pace of home values over the past several years was known to be unsustainable.”
Article by By Cindy Barth Editor, Orlando Business Journal