Housing starts in Metro Orlando shot up a staggering 58 percent during the third quarter compared with a year earlier, according to a report released Wednesday by the housing-data firm Metrostudy Inc.
With construction of 1,800 homes begun in the four-county metro area during the July-through-September period, the pace of home building remains far below the peak-market levels of six years ago -- but is much-improved from the 1,140 housing starts in the third quarter of 2011.
"Until the spike in employment this quarter (which is a bit perplexing), the Orlando MSA's job market had been showing anemic growth for the past two years," said Anthony Crocco, director of Metrostudy's Central Florida division. "But even without job growth, the area's new-housing market continues to grow. The overall housing market remains driven by resales. ..."
The number of new homes closings during the quarter was up 42 percent from the third quarter of last year, to 1,475 units. The pace of closings has been increasing in recent quarters; for the four most-recent quarters, closing are up 29 percent compared with the previous four quarters.
"Quarterly starts have been above closings for five quarters in a row, and signals that builders are having a hard time keeping up with sales and closings," Crocco said.
During the past four quarters, the most active base-price range in new-home subdivisions has been $150,000 to $199,999; builders in that range had 2,053 starts and 1,645 closings for the 12 months that ended in October.
Charles Wayne Consulting also released its third-quarter report Wednesday, and it found a 73 percent increase in housing starts compared with the third quarter of 2011 over a region that includes the four metro-area counties -- Orange, Seminole, Osceola and Lake -- as well as northeast Polk and southwest Volusia.
The Maitland-basedreal estate consulting group reported a median price of $245,000, up 2 percent from a year earlier.
Distributed by MCT Information Services
Most Popular Stories
- Emirati announces new film project at Cannes
- Contra Costa Times Chuck Barney column
- The News & Advance, Lynchburg, Va., Casey Gillis column
- Promoter McLean 'provided more musical joy than Dylan and Prince combined'
- Haitian music, culture take center stage at Compas Fest
- I never set out to be a role model but it's great to be one ; IN THE HOTSEATBetter known by his stage name Wretch 32, Jermaine Sinclair is a 28-year-old rapper from London. In 2011 his debut album Black and White sold over a million copies and scored three top five singles. His latest single Blackout was released this week
- Entrepreneurs Chase Social Media
- Gillian Anderson is fired up in 'The Fall', but Whicher is suspiciously dull ; The former 'X-Files' star channels her inner Helen Mirren in a new crime drama set in Belfast
- Daily Trivia Byte
- Joshua Radin loves to sing about love