OSCEOLA COUNTY, Fla. – The real estate industry is paying close attention to interest rates. Today’s rate hike comes as new data from the Orlando Regional Realtor Association shows a 44% increase in local housing inventory for the month of May. 

Rey Andrade is a realtor with The Property Pros Real Estate in St. Cloud and he also flips homes. Andrade said these are all signs that the housing market will level off. He believes high interest rates are pricing the buyers out.

“Interest rates are up. All these buyers that were into contracts with these builders because interest rates have gone up are priced out,” Andrade explained. “They can't afford to pay these homes. So now all these buyers are disappearing and they're going to be stuck with some inventory.”

Andrade said folks can’t just focus on last month's numbers, he said a balanced market is six months worth of supply.