Report: Orlando home market stabilizing

Source: Orlando Business Journal - by Anjali Fluker Staff Writer

The latest home starts and inventory data is pointing to a market stabilization, according to the latest report from Metrostudy.

There were 863 single-family housing starts in Orlando subdivisions during the first quarter of 2009, which is down 41 percent from the 1,463 starts reported during the same period a year ago, the report said.

Construction starts also remained at the same rate from fourth quarter 2008 through this year’s first quarter, which could signal a bottom in new-home construction activity, the report said.

Single-family inventory — homes under construction, finished but vacant and model homes — was 4,961 in the first quarter, an eight-month supply. That is 34.1 percent lower than the same period in 2008. The under-construction category for the last 12 months through the end of March also declined 1,234 units to 1,414 units.

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