Orlando’s Home Inventory Drops

At current the current sales pace, Orlando has a 4.37-month supply of homes. This is the lowest rate reported since December 2005.

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The average home sold in Orlando in June sold for 95.15 percent of its listing price and spent 103 days on the market, according to a monthly report by the ""Orlando Regional Realtor Association"":http://www.orlrealtor.com/Main/Main.asp.

The ratio of listing price to sales price shows a slight decrease from the June 2010 ratio of 95.43 percent. Days on market increased year-over-year from 85 days in June 2010.

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""Absorption of inventory is a key to price improvement, and this solid gain implies that home values in many neighborhoods are or will soon be stabilizing as inventories get absorbed at a faster pace,"" explains ""ORRA"":http://www.orlrealtor.com/Main/Main.asp Chairman of the Board of Directors Mike McGraw, McGraw Realty Services, PL.

REO sales decreased 39.58 percent year-over-year, and short sales decreased 14.21 percent over the same period. At the same time, ""normal"" home sales decreased 0.52 percent.

""Normal sales made up 39.83 percent of all transactions made by Orlando Regional Realtor Association members.

The median home price for ""normal"" homes in June was $158,000, an increase of more than 40 percent since June 2010.

The overall median home price in Orlando declined 4.35 percent year-over-year in June.

The Orlando affordability index increased to 249.1 percent for the month, while first-time homebuyer affordability in June increased month-over-month to 177.3 percent.

The report combines data from the ""Orlando Realtor Association"":http://www.orlrealtor.com/Main/Main.asp (ORRA) and the ""My Florida Regional Multiple Listing Service"":http://www.mfrmls.com/. ORRA sales include sales by all ORRA agents and is not limited to sales in Orange and Seminole counties.