Local

Market hot as home prices up in Central Florida

ORANGE COUNTY, Fla. — New numbers show home prices are up in Central Florida compared to last year, and in Orange County the market for new homes is hot.

County workers are having to work extra hours and on the weekends to handle the demand for new single-family home permits.

Sixty-seven percent more permits have been issued this year than were issued in the same period last year.

"I've noticed a lot of housing going up. A lot of building," said homeowner Karen Dunne.

Dunne was one of the first to move into a new community in Horizon West two years ago. It’s the fastest growing area of the county.

Since then, neighborhoods have sprouted up around her.

Orange County said it's seen a steady increase in new single-family home construction permits this year compared to last year.

Last month there were 440 permits compared to last August, which had 176.

More than half of last month's permits were in Horizon West.

The county believes developers are trying to beat an Oct. 1 deadline when school impact fees for new homes will increase.

"New home construction has been doing very, very well," said Bruce Elliott of the Orlando Regional Realtor Association.

Elliott said easier financing from developers has pushed new home sales.

The number of homes on the market, particularly homes under $400,000 is low, and home prices are the highest they've been in the past five years.

The median single-family home price is up 12.5 percent compared to this time last year.

"I do believe it will continue to grow. But I don't think anyway that we're in any kind of housing boom,” said Elliot.

Elliot believes new technology and science jobs coming into the area will push steady growth, not rapid growth spurred by investor speculation like the county saw last decade.

"This is just Florida. It seems like when somebody finds a nice area, it just seems like it grows," Dunne said.

Developers pay about $6,500 in school impact fees for each single-family home in Orange County.

In October, the fees go up by $1,100, and in January, they'll go up an additional $1,100.