With the onset of COVID-19, local home sales declined in May (the most recent month with data available) according to the Orlando Regional Realtor Association. However, it looks like now several Central Florida home builders have been snatching up properties in the outer Orlando area in anticipation of the housing industry's market upturn.
Yet, more than simple anticipation, these purchases are in fact aiding in the process of the local Central Florida economic recovery. More houses means more construction, which creates jobs. Throughout the construction process there are a multitude of subcontractor opportunities, which help to support the local economy. According to a 2018 study by the National Association of Realtors, every home sale in the state has an estimated economic impact of $77,858 locally.
It's also said that the housing market is often a reflection of the overall health of the local economy. If this rings true, then we may finally start seeing some upward economic progress since the crippling effects of the Global Pandemic, COVID-19.