ORRA Housing Market Report - August 2018

The year-over-year median price for Orlando homes sold during the month of August continued on its years-long upward trajectory, albeit at a slower pace as dwindling inventory takes its toll on sales.

The overall median price of Orlando homes (all types combined) sold in August is $231,000, which is 2.7% above August 2017 median price of $225,000 and 1.7% below the July 2018 median price of $235,000.

The Orlando housing affordability index for August is 129.58%, up from 126.95 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 92.15%, from 90.28% last month.

Sales of single-family homes (2,583) in August 2018 decreased by 6.7% compared to August 2017, while condo sales (440) increased 3.3% year-over-year.

The overall inventory of homes that were available for purchase in August (7,808) represents a decrease of 11.6% when compared to August 2017, and a 3.8% increase compared to last month.

Current inventory combined with the current pace of sales created a 2.3 month supply of homes in Orlando for August.  There was a 2.2 month supply in July 2018 and a 2.5 month supply in August 2017.

The average interest rate paid by Orlando homebuyers in August was 4.57, down from 4.59% the month prior.

Homes that closed in August took an average of 49 days to move from listing to pending, and took and average of 85 days from listing to closing.

Pending sales in August are down 21.4% compared to August of last year and are down 6.1% compared to last month.