Home inventory drops to 8-month supply - Orlando Business Journal:

moffaiqohegesa1490.blogspot.com
Association members sold 2,131 homes last monty in the Orlando metropolitanmstatistical area, and the sales growth has helpecd pare down area inventory supply to single digita for the first time this year. June’es inventory had 17,831 homes available through the MultiplesListing Service, which reflects an 8.4-monty supply at the current sales In January, the Orlando MSA had an inventory leveo that reflected a 23.6-month supply and it has steadily decreased since. A market with six montha of supply is considered by housing economists to be balanceds between buyersand sellers, the associatiobn reported.
Inventory is down by 1,292 homes from May meaning 1,292 more homes left the market than enteresthe market. However, low prices have primarily driven the increase in as nearly 46 percent of the homexs wereeither bank-owned or distressed propertg sales. Orlando’s median home price in June was a 39 percent decrease when comparec withJune 2008, but a slight increasee when compared with May 2009. Homeds in the Orlando area spentg an average of 104 days on the market before being sold inJune 2009, and the averager home sold for 93.8 percent of its listinv price.
About 184 single-family homes sold in the $200,000-$250,000 while 10 homes sold for $1 million or more and 118 homezs sold for lessthan $50,000. All agents in the Orlando MSA Lake, Orange, Osceola and Seminole counties — sold 2,774 existing homezs in June, a 56.9 percen t jump when compared withthe 1,768 homews sold in June 2008. To date, MSA salesw are up 53.8 percent over this time last with 12,863 sold last month and 8,363 sold in the same monthg a year prior. Along with stronger sales, 7,23 0 homes were awaiting closings, more than double the 3,329 that were pendingh at this timelast year.
Orland o condo market resales, meanwhile, went from 136 sold in June 2008 to 394 saleaslast month. To date, 1,78q condos sold this year, a huge spiker from the 691 postex at this timein 2008. There 176 cond units that sold for upto $50,000, whil 61 sold in the $50,000-$60,000 range and 11 sold for more than Duplex, townhome and villa resalexs also jumped nearly 32.8 percent, from 131 in June 2008 to 174 last