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NAR Pending Home Sales Report

WASHINGTON (August 29, 2018) — Pending home sales stepped back in July and have now fallen on an annual basis for seven straight months, according to the National Association of Realtors®.

The Pending Home Sales Index, a forward-looking indicator based on contract signings, decreased 0.7 percent to 106.2 in July from 107.0 in June. With last month’s decline, contract signings are now down 2.3 percent year-over-year.

Lawrence Yun, the NAR chief economist, says the housing market’s summer slowdown continued in July. “Contract signings inched backward once again last month, as declines in the South and West weighed down on overall activity,” he said. “It’s evident in recent months that many of the most overheated real estate markets – especially those out West – are starting to see a slight decline in home sales and slower price growth.”

Added Yun, “The reason sales are falling off last year’s pace is that multiple years of inadequate supply in markets with strong job growth have finally driven up home prices to a point where an increasing number of prospective buyers are unable to afford it.”

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Pointing to annual changes in active listings data at realtor. com®, Yun said increasing inventory in several large metro areas, and especially many out West, will likely help cool price growth to more affordable levels going forward. Even as days on market remains swift in many of these areas, Denver, Santa Rosa, California, San Jose-Sunnyvale-Santa Clara, California, Seattle, Nashville, Tennessee, and Portland, Oregon was among the large markets seeing a rise in active listings in July compared to a year ago.

Earlier this week, NAR released commentary reflecting on the past decade since the beginning of the Great Recession. Although supply and headwinds are the biggest issue right now, Yun said it is important to note just how much the housing market has recovered since the depths of the financial crisis. Today, thanks to several years of solid job growth, as well as safe lending and regulatory policy reforms, foreclosures sit near historic lows and record high home values have helped millions of households build substantial wealth.

“Rising inventory levels – especially if new home finally starts picking up – should help slow price appreciation to around two-and-four percent, which will help aspiring first-time buyers, and be good for the long-term health of the nation’s housing market,” said Yun.

Yun expects existing-home sales this year to decrease 1.0 percent to 5.46 million, and the national median existing-home price to increase around 5.0 percent. Looking ahead to next year, existing sales are forecast to increase 2 percent and home prices around 3.5 percent.

July Pending Home Sales Regional Breakdown

The PHSI in the Northeast climbed 1.0 percent to 94.6 in July but is still 2.3 percent below a year ago. In the Midwest, the index inched up 0.3 percent to 102.2 in July but is still 1.5 percent lower than July 2017.

Pending home sales in the South declined 1.7 percent to an index of 122.1 in July, and are 0.9 percent below a year ago. The index in the West decreased 0.9 percent in July to 94.7 and is 5.8 percent below a year ago.

The National Association of Realtors® is America’s largest trade association, representing 1.3 million members involved in all aspects of the residential and commercial real estate industries.

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* The Pending Home Sales Index is a leading indicator for the housing sector, based on pending sales of existing . A sale is listed as pending when the contract has been signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing.

The index is based on a large national sample, typically representing about 20 percent of transactions for existing-home sales. In developing the model for the index, it was demonstrated that the level of monthly sales-contract activity parallels the level of closed existing-home sales in the following two months.

An index of 100 is equal to the average level of contract activity during 2001, which was the first year to be examined. By coincidence, the volume of existing-home sales in 2001 fell within the range of 5.0 to 5.5 million, which is considered normal for the current U.S. population.

NOTE: NAR’s August Housing Minute video will be released on August 31, Existing-Home Sales for August will be reported September 20, and the next Pending Home Sales Index will be September 27; all release times are 10:00 a.m. ET.

HOUSING INVENTORY: LOWEST IN DECADES

 

 

 

 

 

 

Resale inventory is at the lowest level in more than 18 years and continues to decrease. New home construction hasn’t kept pace with demand, and the result is an inventory shortage at a time when demographic and economic indicators are moving upward for the .

One way to measure for-sale housing inventory is with “months’ supply,” which shows how many months it would take to sell the available inventory at the current sales pace, as if no other came on the market, which is unlikely but it is a good snapshot to measure health.

Month's Supply Lowest In More Than 18 Years

The housing market is seasonal, so when comparing the data over time we look at these numbers for the same month of each year. In March 2018, the months’ supply was approximately 3.8 months measured across the country, which means it would take only 3.8 months to sell all the existing houses listed at the March 2018 sales pace.  The March 2018 supply was about the same level as in March 2017, but well below where it was during the Great Recession, and tighter than it was before the housing boom. By this measure, inventory is the tightest it’s been in over 18 years.

Inventory Tight for Entry-Level Buyers

When we dig deeper into inventory at different price levels we see that inventory for entry-level homes is even tighter. Using the median price as the reference, we look at months’ supply for homes listed at different price points, for those homes listed at the entry-level (priced from 50 percent of median sale price up to 25 percent above) there was only a 3-month supply available for sale. There is more supply at higher price points – close to 7 months for homes listed for more than twice the median sale price.

Areas of the country with strong job growth have even lower supply. Denver, Seattle, and San Francisco have about 2 months of supply, making each of those cities a sellers’ market. Miami, with a supply made up mostly of condos, has the highest supply of the largest metros at 9 months.

Month's Supply in Large Metro Areas

The incredibly tight inventory on the low end has pushed prices up for that segment of the market. As measured by the CoreLogic Home Price Index, prices for lower-end homes increased by almost 10 percent year over year in March 2018, while prices for higher-priced homes increased by 6 percent. Increases for lower-end homes can price entry-level buyers out of the housing market, keeping a lid on overall home sales.

© 2018 CoreLogic, Inc. All rights reserved.

 

 

 

Resale inventory is at the lowest level in more than 18 years and continues to decrease. New home construction hasn’t kept pace with demand, and the result is an inventory shortage at a time when demographic and economic indicators are moving upward for the housing market.

One way to measure for-sale housing inventory is with “months’ supply,” which shows how many months it would take to sell the available inventory at the current sales pace, as if no other homes came on the market, which is unlikely but it is a good snapshot to measure health.

Month's Supply Lowest In More Than 18 Years

The housing market is seasonal, so when comparing the data over time we look at these numbers for the same month of each year. In March 2018, the months’ supply was approximately 3.8 months measured across the country, which means it would take only 3.8 months to sell all the existing houses listed for sale at the March 2018 sales pace.  The March 2018 supply was about the same level as in March 2017, but well below where it was during the Great Recession, and tighter than it was before the housing boom. By this measure, inventory is the tightest it’s been in over 18 years.

Inventory Tight for Entry-Level Buyers

When we dig deeper into inventory at different price levels we see that inventory for entry-level homes is even tighter. Using the median price as the reference, we look at months’ supply for homes listed at different price points, for those homes listed at the entry-level (priced from 50 percent of median sale price up to 25 percent above) there was only a 3-month supply available for sale. There is more supply at higher price points – close to 7 months for homes listed for more than twice the median sale price.

Areas of the country with strong job growth have even lower supply. Denver, Seattle, and San Francisco have about 2 months of supply, making each of those cities a sellers’ market. Miami, with a supply made up mostly of condos, has the highest supply of the largest metros at 9 months.

Month's Supply in Large Metro Areas

The incredibly tight inventory on the low end has pushed prices up for that segment of the market. As measured by the CoreLogic Home Price Index, prices for lower-end homes increased by almost 10 percent year over year in March 2018, while prices for higher-priced homes increased by 6 percent. Increases for lower-end homes can price entry-level buyers out of the housing market, keeping a lid on overall home sales.

© 2018 CoreLogic, Inc. All rights reserved.

National Association of Realtors

Pending home sales slid in April to their third-lowest level over the past year according to the latest Pending Home Sales Index data released by the National Association of Realtors (NAR) on Thursday. The report indicated that the index declined 1.3 percent in April to 106.4 from an upwardly revised 107.8 in March. On a year over year basis, the index was down 2.1 percent and declined for the fourth straight month.

“Pending sales slipped in April and continued to stay within the same narrow range with little signs of breaking out,” said Lawrence Yun, Chief Economist at NAR. “Listings are typically going under contract in under a month and instances of multiple offers are increasingly common and pushing prices higher.”

Watch what Yun had to say about the other factors that impacted pending home sales and his take on the :

 

Millennial homebuyers are not actively seeking

 

Good morning, Orlando!

Millennial homebuyers are not actively seeking to buy a house in Orlando, according to a new study by LendingTree.

In fact, out of the 100 cities ranked, Orlando came in at No. 80. See the data here.

Mortgage requests for buyers under 35 were analyzed between Feb. 1, 2017, and Feb. 1, 2018, then ranked alongside data about the average age of the buyer under 35, credit score, down payment and requested loan amount.

The study found cities in the Sun Belt like Las Vegas, Tuscon, Ariz., and five Florida cities as least popular, which could be because of their popularity instead with retirees, as well as high cost of living, according to LendingTree.

About one-third of mortgage requests through the company were from those 35 years old and younger.

And be sure to check out these other Monday headlines:

New project with shops, may be on tap for the area near SunRail station
A South Florida developer is eyeing 18 acres near the SunRail station in southwest Orlando for a possible mixed-use development. The project would include apartments, townhomes and a two-story office-and-retail building on Sand Lake Road and Orange Avenue. More here.

RESIDENTIAL REAL ESTATE
Images revealed of apartment buildings at Disney’s Flamingo Crossings
Rendering of the community center at Flamingo Crossings

Online mortgage lender expands into Florida, seeks to disrupt the industry
Lenda, an online mortgage company that claims it can close home loans 3.5 times faster than the industry average is expanding into Florida. Lenda uses a predictive algorithm, rather than going through human loan officers, to determine whether a borrower is creditworthy. More here.

N.C. food production biz considers adding 95 jobs in Melbourne
MG Foods Inc., a North Carolina-based food production, packaging, and distribution company, has applied for property tax breaks with Brevard County in order to expand its workforce by 95 jobs, Florida Today reports. More here.

How to get a piece of the work on the next phase of OIA’s new terminal
Orlando International Airport is looking for some help as it plans the next phase of its $2.15 billion expansion. The Orlando airport — the busiest airport in the state — is a huge driver of the area’s and the new south terminal will raise its capacity by 10 million passengers. More here.

Mortgage rates hold steady
Mortgage rates held steady this week, according to Freddie Mac. The 30-year fixed mortgage averaged 4.45% for the week ending March 22, essentially unchanged from 4.44% the previous week. Favorable mortgage rates have helped propel U.S. home sales and the refinance market.

And higher gas prices are on the way
Expect higher gas prices this week, AAA says. The Florida average has risen 10 of the past 12 days, climbing a total of 6 cents. You can expect prices to climb at least another 10 cents in the coming weeks. Gas prices in Orlando currently average $2.48 a gallon.

KPMG’s revamped plans for Lake Nona center

 

 

 

 

 

Good morning, Orlando!

New York-based audit giant KPMG LLP is revamping the plans for its 55-acre training center.

If you recall, KPMG received $3.8 million in economic development incentives for the training center project, including $3.5 million in tax rebates from Florida and the city of Orlando for a seven-year period and a $320,000 Qualified Target Industries tax refund through the state, which is expected to create 80 jobs by 2019.

More here on what KPMG is requesting approval from the city to change.

The new KPMG center is expected to boost the local by bringing thousands of employees into the market, creating new jobs at the facility and hundreds of third-party contract operator positions.

And be sure to check out these other Thursday headlines:

Hard Rock HQ’s Orlando departure to result in 184 layoffs

Orlando-based casino, hotel and restaurant operator Hard Rock International Inc. told the state via a Worker Adjustment and Retraining Notification notice, that it will lay off 184 workers starting in April through July. The company said the layoffs will be permanent. More here.

First look: Lake Nona teaching hospital plans reveal future expansion

The University of Central Florida and HCA Healthcare’s application for a new teaching hospital in Lake Nona gave a first look of the new facility and the medical spaces it will create. More here.

Orlando ‘Shark Tank’ star to roll out products in Walmart this month

Hummus king Jesse Wolfe has scored one his largest deals yet. His company O’Dang Hummus, featured on CNBC’s show “Shark Tank,” last summer struck a deal with Wal-Mart Stores Inc. (NYSE: WMT). And now, he will roll out his hummus salad dressing in 2,000 Walmart stores and neighborhood markets this month.

Ridership of Brightline — which eventually will extend to Central Florida — has exceeded expectations since the train began service between Fort Lauderdale and West Palm Beach, CEO Patrick Goddard told an audience at the Greater Miami Chamber of Commerce luncheon Wednesday. More here.

Florida House Speaker Corcoran says budget deal reached

House Speaker Richard Corcoran, R-Land O’ Lakes, indicated Wednesday afternoon that legislative leaders have reached agreement on a budget for the fiscal year that starts July 1. More here.

Disney opens StudioLAB to build VR, AI ‘entertainment experiences’

Walt Disney Studios is launching an initiative dedicated to virtual reality and artificial intelligence. StudioLAB will reimagine, design and prototype entertainment experiences and production capabilities to promote feature films, as well as music and stage plays.

More Than A High Appraisal

Homes appraised above contract price had above-market appreciation rates

Housing Trends

For homebuyers, the outcome of appraisal is one of these three scenarios: (1) appraised value closely matches sales price, (2) appraisal falls short of sales price or (3) appraisal is higher than sales price. If a home sells for less than its appraised value, does that mean that the buyers got ‘a bargain,’ and should anticipate above-average appreciation during their ownership period?  Conversely, if a home sells for more than its appraised value, does that mean the buyers may have ‘overpaid,’ and could expect a below-market rate of price growth during the length of time they own the home?

Evidence seems to support the hypothesis that there is “money left on the table” in high-appraisal transactions. When property price appreciation was calculated for twice turned-over in the California market – first sale observed with a full appraisal and sales closing price in 2010 or later, and then a second time with a sale by the owner – homes previously appraised with a sizable premium above the contract sales price were found to have above-market appreciation rates.

Yanling Mayer Blog Post

As shown in Figure 1, excess rates of price appreciation averaged about 3.3 percent per year.  By comparison, closely appraised homes appreciated at about the market average, while homes with appraised value below their contract sales price appreciated 0.3 percent per year slower than the market.  Excess appreciation rates were annualized price gains at re-sale—annualized percentage difference between prior purchase price and subsequent re-sale price, in excess of average market appreciation during the same ownership period.  The CoreLogic county-level Home Price Index (HPI) was used as the benchmark of market-wide appreciation.

Yanling Mayer Blog Post

Figure 2 shows that high-appraisal homes – whether a distressed sale or not – had above-market price appreciation, averaging 3.15 percent among non-distressed sales or 3.9 percent among distressed sales. Real estate owned (REO) and short sales exhibited above-market appreciation rates across all three appraisal valuation outcomes, likely driven by their below-market pricing to motivate sales.  Investors’ value-enhancing repair and refurbishing work could also be a factor for their higher re-sale values – despite that only homes that were held for at least 18 months since initial purchase/appraisal were included in the analysis.  For both non-distressed and distressed sales, median prices of high- and low-appraisal homes were lower than closely appraised homes. Since both high- and low-appraisal homes may have drawn disproportionately from lower-priced homes, faster price appreciation experienced by low-valued homes alone could not explain away the large disparities in price appreciation between the two.[1]

In Figure 3, sample homes were further sub-grouped by the year in which they were initially purchased and appraised. Given significant market dynamics during 2010-2015, property appreciation rates were likely to vary depending on the timing of initial purchase.  They ranged between 2 and 5 percent, reaching the highest during the 2012 market bottom when market-wide underpricing was likely the severest.

Yanling Mayer Blog Post

A city-level breakdown is shown in Figure 4. Stockton (5.87 percent) and Riverside (5.22 percent) had the highest excess price gains, followed by San Francisco (4.62 percent), Los Angeles (4.35 percent), Bakersfield (4.24 percent), and San Jose (4.04 percent).  Due to the use of county-wide HPIs for benchmarking, some cities – such as Oakland, Riverside and others – that may have experienced faster-rising prices than its county as a whole could well see across-the-board positive excess price appreciation.

Regardless of the reason(s) why a home may have sold for less than its appraised value, the buyers appear to have benefitted by having a faster-than-market appreciation during their ownership tenure.

Inventory Shortage at Crisis Levels in Nation’s Hottest Housing Markets

For-sale inventory is stuck at crisis levels in some of the nation’s hottest housing markets where home values are appreciating fastest. The number of homes for sale nationwide has declined on an annual basis for the past 35 straight months, and just 16.7 percent of a panel of housing expertsii surveyed in December 2017 expect a meaningful increase of home building in 2018, a sign that limited inventory could continue to drive the housing market this year.

 

“Tight inventory fueled by a tight labor market and low interest rates propelled home values to record heights in 2017, but the outlook is now much less certain,” said Zillow senior economist Aaron Terrazas. “Tax reform will put more money in the pocket of the typical buyer, but will limit some housing-specific deductions. Overall, this should increase demand for the most affordable and ease competition somewhat in the priciest market segments. On the supply side, the market is starving for new homes, but it won’t be easy for builders struggling with high and rising land, labor and lumber costs. Aging millennials and young families may be able to find more affordable new homes this year, but they’ll most likely be in further-flung suburbs with more grueling commutes to urban job centers.”

Lack of inventory, coupled with strong demand from home buyers, is one reason why home values across the country are reaching new peaks. The median U.S. home value rose 6.5 percent over the past year to $206,300, the highest it has ever been.

 

7 things to know today and Orlando moves up on best-performing cities list

Good morning, !

Metro Orlando jumped up two places in an annual ranking released Wednesday by California-based Milken Institute that measures economic growth.

The City Beautiful came in at No. 7 on the institute’s list of the top 200 large U.S. metro areas — up from No. 9 last year.

The only other Florida metro to best us was North Port-Sarasota-Bradenton, which saw a huge leap from No. 26 last year to No. 6 this year.

Milken Institute’s index looks at how well the country’s metro areas create and sustain jobs as well as each’s economic growth. Published since 1999, the index looks at nine metrics to evaluate the growth of a metro area, including changes in jobs, wages and salaries in addition to technology output.

Milken Institute said its results can be used as an “objective benchmark for examining the underlying factors and identifying unique characteristics of economic growth in metropolitan areas.”

See the full rankings here.

And be sure to check out these other Thursday headlines:

$89M downtown Orlando luxury apartment tower to break ground in Q2

Another high-end apartment complex soon will dot Orlando’s skyline near Lake Eola, joining a roster of projects such as the under- Modera at Mills Creek and Aspire. More here on the 300,000-square-foot project.

Johnson & Johnson changes hiring plan for regional HQ in Lake Nona

Here are five Walt Disney World projects to follow in 2018

2018 of Sports

Jan. 19

Disney Springs lands among NY Times’ top 52 places to visit in 2018

Disney Springs is among several U.S. spots on a newly released New York Times list of the 52 Places to Go in 2018. The list was selected based on suggestions from regular contributors to the Times’ Travel section that are then narrowed down based on why 2018 is the time to visit a particular place.

12 tech firms hiring 300 Central Florida workers

Attention all job seekers: Video game, data analytics, IT and rocket firms all have high-wage, high-tech jobs available — some paying more than $77,000 a year. To see a quick lineup of which firm firms are hiring, how many positions are available and a few of the job titles, click here.

Feds drop plan to allow drilling off Florida coast

Florida waters were removed Tuesday from White House plansto open previously protected parts of the Atlantic Ocean and eastern Gulf of Mexico to offshore oil and gas drilling. The move spurred questions about whether the quick decision and manner of announcement by the Trump administration were done to further Scott’s political career.

Coca-Cola launches Diet Coke ‘brand rejuvenation,’ adds 4 new ‘bold’ flavors

The Coca-Cola Co. (NYSE: KO) said Wednesday that it was re-launching the 35-year-old Diet Coke with a “bold new look, a fresh attitude” and four new flavors: Diet Coke Ginger Lime, Diet Coke Feisty Cherry, Diet Coke Zesty Blood Orange and Diet Coke Twisted Mango. The all new packaging and flavors hit store shelves this month. More here.

Sears will consider ‘all other options’ after dismal holiday season

Sears and Kmart store sales plummeted almost 17% during the holiday season as it considers “all other options” to stay in business. The company plans on renegotiating $1 billion in debt by extending due-date on some loans and altering terms on other loans. The retailer said it expects to return to profitability this year. More here.

7 things to know today and 8 financial predictions for 2018

Good morning, !

We’re nearing the end of a very eventful 2017, and as a way to get you ready for the months to come, WalletHub surveyed more than a dozen economics experts, analyzed big-bank projections and Federal Reserve forecasts, and produced a list of financial predictions for 2018:

  • U.S. GDP growth will remain near 2.5%.
  • Unemployment will crack 4%.
  • The S&P 500 will top 2,900 and finish at 2,838.
  • The Fed will raise rates three times, costing borrowers billions.
  • Credit card debt will break all-time records, topping $1 trillion owed.
  • Consumer credit scores will peak in 2018.
  • U.S. auto sales will top 17 million for the fourth straight year.
  • Existing home sales will again top 5 million, despite higher rates.

Want to know more about what the panel of economists sees ahead for next year. You can read the full report here.

And be sure to check out these other Tuesday headlines:

Brightline gets final OK from feds for Orlando-West Palm Beach segment

The long-awaited Orlando-to-Miami intercity passenger train got the final federal go-ahead to build the rail project between West Palm Beach and Orlando, with starting in first-quarter 2018. The Phase 2 segment to Orlando will take 30 months of construction, setting it up for a 2020 operating date.

Adventist Health System buys Lake Nona land for $9M

Adventist Health System, parent of Hospital, just bought more land in southeast Orlando’s Lake Nona community that potentially could be used for several medical purposes, including a freestanding emergency department and/or an outpatient surgery center. More here.

One of Orlando’s largest banks sells to North Carolina bank

HomeBancorp Inchas signed a definitive merger agreement with First Citizens Bank & Trust Co. First Citizens, headquartered in Raleigh, N.C., will pay $15.03 in cash for each share of HomeBancorp stock. The deal gives First Citizens (Nasdaq: FCNCA), two new markets — Orlando and Tampa.

Foundry Commercial to embark on third industrial park in Charlotte region

Orlando-based Foundry Commercial is expanding its development footprint in the Charlotte, N.C., region with a third industrial park, this time in Huntersville. In a joint venture with PGIM Real Estate, Foundry will initially develop three light industrial buildings on a 48-acre site at Bryton Town Center. At full buildout, the park, Bryton Commerce Center, will total six buildings and 700,000 square feet. More here.

Delta testing facial recognition project

Delta Air Lines (NYSE: DAL) — the second-largest carrier at Orlando International Airport — and U.S. Customs & Border Protection are launching a test project at Hartsfield-Jackson Atlanta International Airport this week that will allow travelers to board flight DL82 from Atlanta to Paris through facial recognition. The airline said it plans to expand the test to multiple daily flights. More here.

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Woohoo? We’re the No. 2 most-spoofed area code in the U.S.

Well, this is not a list we wanted to be on: Orlando’s 407 was the second-most-spoofed area code in 2017, trailing only Atlanta’s 404 area code, according to Hiya. In fact, unwanted calls to U.S. consumers overall have increased by a whopping 76% in 2017, up from over 10 billion last year.

Orlando tenants feel pinch of rent spikes

Metro Orlando rents spiked by as much as 15 percent during a year-long period when rents nationally declined, making Central Florida less affordable than some California markets, including Sacramento, a new report shows.

The biggest jump in rental rates hit smaller units. An influx of new complexes filled with one-bedroom units pushed up the average rental on those apartments by 15 percent from a year ago and 5 percent from a month earlier, reaching an average $1,170, according to research released Tuesday by the analytics firm Zumper. Household income in Metro rose 1.2 percent during that period, the federal government reported.

Rosalinda Hernandez, 60, works as a bill collector and lives with her mother in the east Orlando area. She said she keeps a close watch on the apartment market and finds no property managers offering discounts.

“If you don’t have someone to live with, you can’t make it,” she said.

For landlords, the region has been identified as a standout for its rising rents.

Brian Alford, market economist for the CoStar Group, said Orlando’s annual rent growth is one of the best in the nation. The four-county area had fourth highest year-over-year rent gains among the nation’s top 54 metro areas, he said.

“Orlando has seen rent growth across both luxury and workforce housing, which is not the norm,” he said.

The boost in prices repositions the Metro Orlando area from a region considered affordable to one where renters have to search harder to find deals. Apartments with two bedrooms rose at about half the rate of one-bedroom rentals and averaged $1,290 in October.Universal Orlando announces two new hotels

While rents in Orange, Seminole, Osceola and Lake counties rose by double-digit amounts from a year earlier, rents nationally declined by about 1 percent.

The Orlando area’s rent hikes come even as thousands of new units are rolling onto the market with 4,500 new apartments added in October, according to ALN Apartment Data.

Within the region, Clermont appeared to have one of the lower occupancy rates with less than 90 percent of units filled while the Eustis/Leesburg and DeLand areas appeared to have a shortage of rentals with virtually no units available in September, ALN reported. In the University of Central Florida area, east Orlando and Oviedo had an occupancy rate of 94 percent.

Tenants renting houses in the Orlando region did not escape the spike with those rents rising more than 4 percent in September, which was higher than the increases of 3.5 percent nationally, according to Morningstar. Higher rents don’t seem to be scaring away tenants with vacancy rates of 4.8 percent in September, which was down slightly from a year earlier. Nationally, vacancy rates for rental houses were 5.9 percent.

Looking ahead, conditions are unlikely to improve for renters with an influx of prospective renters following hurricanes, said Ryan Coon, an author who writes on landlord issues..

“We’re continuing the see rents climb in Orlando, especially as the housing market remains tight post-Irma,” Coon said. “This trend bodes well for landlords looking to invest in the area.”