Orlando’s housing market enjoyed year-over-year increases in both median price and inventory in June, while sales took a bit of a slide during the peak of our traditional home buying season.
We are expecting June’s 2% decline in sales to reverse itself in the coming months as families seek to close on their new homes before the start of the school year and In addition, we anticipate an eagerness to take advantage of favorable conditions such as falling mortgage rates and small-but-steady increases in the inventory of homes available for purchase in the Orlando area. A more detailed analysis Video can be seen here
The overall median price of Orlando homes (all types combined) sold in June is $250,000, which is 5.0% above the June 2018 median price of $238,000 and up compared to the May 2019 median price of $243,000.
The median price for single-family homes that changed hands in June increased 3.0% over June 2018 and is now $270,000. The median price for condos increased 7.5% to $134,350.
The Orlando housing affordability index for June is 130.40%, down from 130.49% last month. (An affordability index of 99% means that buyers earning the state-reported median income are 1% short of the income necessary to purchase a median-priced home. Conversely, an affordability index that is over 100 means that median-income earners make more than is necessary to qualify for a median-priced home.)
The first-time homebuyers affordability index decreased a fraction to 92.73% from 92.79% last month.
Members of ORRA participated in 3,399 sales of all home types combined in June, which is 1.8% less than the 3,461 sales in June 2018 and 10.7% less than the 3,806 sales in May 2019.
Sales of single-family homes (2,685) in June 2019 increased by 0.5% compared to June 2018, while condo sales (406) increased 3.3% year over year.
Sales of distressed homes (foreclosures and short sales) reached 115 in June and are 14.2% less than the 134 distressed sales in June 2018. Distressed sales made up just 3.4% of all Orlando-area transactions last month.
The overall inventory of homes that were available for purchase in June (8,050) represents an increase of 6.5% when compared to June 2018, and a 0.9% decrease compared to last month. There were 5.0% more single-family homes and 23.5% more condos, year over year.
Current inventory combined with the current pace of sales created a 2.4-month supply of homes in Orlando for June. There was a 2.2-month supply in June 2018 and a 2.1-month supply in May 2019.
The average interest rate paid by Orlando homebuyers in June was 3.93%, down from 4.15% the month prior.
Homes that closed in June took an average of 51 days to move from listing to pending and an average of 37 days between pending and closing, for an average total of 88 days from listing to closing (down from a total of 90 days the month prior).
Pending sales in June are up 4.2% compared to June of last year and are down 4.8% compared to last month.
Sales of existing homes within the entire Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in June were down by 2.7% when compared to June of 2018. To date, sales are down 6.9%.
Each individual county’s sales comparisons are as follows:
*Lake: 8.3% above June 2018;
*Orange: 2.8% below June 2018;
*Osceola: 8.5% below June 2018; and
*Seminole: 5.9% below June 2018.