ORRA Housing Market Report May 2018

The inventory of homes available in the Orlando area dropped to its lowest point this year in May.  May is traditionally a time when buyers ramp u their efforts to secure and move in time for the start of school.

The overall median price of Orlando homes (all types combined) sold in May is $234,000, which is 7.3% above the May 2017 median price of $218,000 and 1.7% below the April 2018 median price of $238,000.

The median price for single-family homes that changed hands in May increased 8.5 % over May 2017 and is now $255,000.  The median price for condos increased 6.1% to $125,250.

The Orlando housing affordability index for May is 126.45%, up from 126.13% last month.  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 home buyers affordability index increased to 89.92% from 89.69 % last month.

The median length to stay in a home by recent sellers is now 10 years.  Historically, it was about 6 - 8 years.  This contributes to reducing inventory.

Sales of single-family homes (2,657) in May 2018 decreased by 12.4%  compared to May 2017.  Condo sales (410) decreased 3.1% year over year but increased 12.6% compared to last month.

The overall inventory of homes that were available for purchase in May (7,486) represents a decrease of 14.7% when compared to May 2017, and a 3.3% decrease compared to last month.  There were 10.5% fewer single-family homes and 25.4% fewer condos.

Current inventory combined with the current pace of sales created a 2.2-month supply of homes in Orlando for May.  There was a 2.8-month supply in May 2017 and s.3-month supply last month.

The average interest rate paid by Orlando home buyers in May was 4.64, up from 4.51% the month prior.

Pending sales in May are down 11.4% compared to May of last year and are down 7.4% compared to last month.