Metrostudy Report - Orlando, FL– November 1, 2011 - While the Orlando MSA economy is not growing robustly, the area’s lack of housing inventory and competitive pricing should provide an upward bounce in new home activity going into 2012. This according to a recent report by Metrostudy, a national housing data and consulting firm that maintains the most extensive primary database on residential construction in the US housing market.

Through September 2011, Orlando’s non-agricultural employment increased by 1.2% over the past year, slightly better growth than Florida and the nation’s annual job rate for September of 1.1%. With the unemployment rate at 10.2% in Orlando, the economy has not been able to produce jobs at a rate capable of significantly reducing unemployment.

In the Orlando MSA, 1,163 single-family units were started in 3Q11, an increase of 4.8% compared to 3Q10. “This quarter’s increase in new home starts should provide positive momentum going into this winter/spring’s buying season,” said Anthony Crocco, director of Metrostudy’s Central Florida division.

Total single-family inventory equaled 2,066 units at the end of 3Q11, 8.9 months of supply.
Housing inventory decreased by 12.1% compared to last year, and under construction housing inventory decreased by 10% in that same time frame.

“While central Florida’s economy is still reeling from the sour real estate market and related job losses, the percentage of resale transactions that are arms length is growing slightly and overall housing inventory is down,” said Crocco. “The economy may not be fully cooperating, but an upward bounce in new home activity over the next few quarters is likely.”

For information contact:
anthony crocco @ 407.875.9090 x820
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