ORRA Housing Market Report June 2018

The overall median price of Orlando homes (all types combined) sold in June is $239,180, which is 6.8% above June 2017 median price of $223,950 and 2.7% above the May 2018 median price of $233,000.

Year-over-year increases in median price have been recorded for the past 84 consecutive months; as of June 2018, the overall median price is 107.8% higher then it was back in June 2011.

The median price for single-family homes that changed hands in June increased 6.8% over June 2017 and is now $260,000.  The median price for condos increased 13.6% to $125,000.

The Orlando housing affordability index for June is 124.26%.  (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 is 88.37%, a decrease from last month's 90.31%.

Sales of single-family homes (2,672) in June 2018 decreased by 11.8% compared to June 2017, while condo sales (408) decreased by 11.1% year-over-year.

Sales of distressed homes (foreclosures and short sales) reached 132 in June and are 50.2% less than the 266 distressed sales in June 2017.  Distressed sales made up just 3.8% of all Orlando-area transactions last month.

The overall inventory of homes that were available for purchase in June (7,558) represents a decrease of 17.3% when compared to June 2017, and a 1% increase compared to last month.  There were 16.1% fewer single-family homes and 22.6% fewer condos.

Current inventory combined with the current pace of sales created a 2.2 month supply of homes in Orlando for June.  There was a 2.35 month supply in June 2017 and a 2.2 month supply last month.

The average interest rate paid by Orlando homebuyers in June was 4.61, down from 4.64% the prior month.

Pending sales in June are down 11.6% compared to June of last year and are down 9.9% compared to last month.

Source: https://www.orlandorealtors.org/news/408951/ORRA-Housing-Market-Report---June-2018.htm?_cldee=amltc2hvcmtleUB5YWhvby5jb20%3d&recipientid=contact-cfc7cdb266e7411982bf5212d77c5da7-ee60e6965ecd48b18d99d9ae90d170ea&esid=aa72c360-5680-e811-9c1b-00155d101216