ORRA Housing Market Report - July 2018

The overall median price of Orlando homes (all types combined) sold in July is $235,000, which is 6.8% above the July 2017 median price of $220,000 and 1.3% below the June 2018 median price of $238,000.

Year-over-year increases in median price have been recorded for the past 85 consecutive months; as of July 2018, the overall median price is 103.5% higher than it was back in July 2011.

The median price for single-family homes that changed hands in July increased 6.3% over July 2017 and is now $255,000.  The median price for condos increased 10.4% to $127,000.

The Orlando housing affordability index for July is 126.95%, up from 124.88% 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 increased to 90.28%, from 88.8% last month.

Sales of single-family homes (2,653) in July 2018 decreased by 0.2% compared to July 2017, while condo sales (398) increased 2.6% year over year.

The overall inventory of homes that were available for purchase in July (7,525) represents a decrease of 16.9% when compared to July 2017, and a 0.4% decrease compared to last month.  There were 15.3% fewer single-family homes and 14.8% fewer condos.

Current inventory combined with the current pace of sales created a 2.2 month supply of homes in Orlando for July.  There was a 2.2 month supply in June 2018 and a 2.7 month supply in July 2017.

The average interest rate paid by Orlando home buyers in July was 4.59, down from 4.61% the prior month.

Pending sales in July are down 18.5% compared to July of last year and are down 9.9% compared to last month.