ORRA Housing Market Report - September 2018

The overall median price of Orlando homes (all types combined) sold in September is $233,000, which is 3.6% above the September 2017 median price of $225,000 and 1.3% above the August 2018 median price of $230,000.

The median price for single-family homes that changed hands in September increased 3.8% over September 2017 and is now $254,250.  The median price for condos increased 6.4% to $125,500.

The Orlando housing affordability index for September is 127.13%, down from 130.14 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 to 90.41%, from 92.55% last month.

Sales of single-family homes (2,096) in September 2018 increased by 7.6% compared to September 2017, while condo sales (390) increased 23.4% year over year.

The overall inventory of homes that were available for purchase in September (8,092) represents a decrease of 6.4% when compared to September 2017, and a 3.6% increase compared to last month.  There were 5.6% fewer single-family homes and 2.6% more condos year over year.

Current inventory combined with current pace of sales created a 2.9 month supply of homes in Orlando for September.  There was a 2.3 month supply in August 2018 and a 3.4 month supply in September 2017.

The average interest rate paid by Orlando homebuyers in September was 4.66, up from 4.57% the month prior.

Homes that closed in September took an average of 48 days to move from listing to pending and took an average of 84 days from listing to closing.

Pending sales in September are down 14.2% compared to September of last year and are down 6.0% compared to last month.