2018-12-20 — orlandosentinel.com
Home sales fell 6.9 percent during the month to 2,575 while the number of homes for sale grew to a 3.3-month supply, the biggest inventory since September 2017.
Real estate agents and analysts say increasing interest rates are giving buyers pause. The average interest rate for area homebuyers in November increased to 4.97 percent, up from 3.97 percent during the same month last year.
"There has been a shock in how quickly interest rates have gone up," said Eric Soto, a real estate agent and co-owner of TC Orlando Homes based in Altamonte Springs.
It mirrors trends nationally, where both sales and price growth is slowing, according to the U.S. Census Bureau. The number of U.S. homes sold in October dropped 8.9 percent compared with a year ago, the agency's most recent report said.
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