-- Many Emerging Challenges
“In some ways, it’s just easier to come back here to the apartment.” The couple is part of a growing number of people in the Central Florida area who are finding themselves priced out of the housing market. “At first, we were looking for under $200,000 and then it just wasn’t, but I would rather stay here than what we can get for under two,” Kerce said. “We’d rather not buy than buy something that is not what we want.” “Anyone buying a house right now between $200,000 and $300,000 is a serious challenge,” Realtor Ray Lopez of Keller Williams Realty said to Channel 9’s Christopher Heath. “The inventory is almost nonexistent.” New home construction in Central Florida is still recovering from the 2008 recession. While builders have ramped up construction in the last two years, the inventory of homes has continued to stay at a low level. Industry experts say in a healthy market, the greater Orlando area would have about a five-month supply of homes; right now, the supply is half that. Read: Tame inflation: April consumer prices up just 0.2 percent But sluggish new home construction is only part of the problem. Investors in the market are holding properties and competing against buyers when new homes enter the market. Investors, who often pay cash for properties, are buying homes that wouldn’t normally be bought, taking inventory off the market.
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