ORRA Housing Market Report - November 2018

The overall median price of Orlando homes (all types combined) sold in November is $233,100, which is 3.6% above the November 2017 median price of $224,995 and 1.8% above the October median price of $229,000.

The median price for single-family homes that changed hands in November increased 4.2% over November 2017 and is now $251,000.  The median price for condos increased 12.3% to $134,655.

The Orlando housing affordability index for November is 122.96%, down from 126.77% last month.  (An affordability index of 99% means that buyers earning the state-reported median income a 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 homebuyer's affordability index decreased to 87.44% from 90.15% last month.

Sales of single-family homes (1,978) in November 2018 decreased by 8.9% compared to November 2017, while condo sales (330) increased 1.5% year over year.

Sales of distressed homes (foreclosures and short sales) reached 129 in November and are 23.2% less than the 168 distressed sales in November 2017.  Distressed sales made up just 5.0% of all Orlando-area transactions last month.

The overall inventory of homes that were available for purchase in November (8,432) represents an increase of 1.7% when compared to November 2017, and 1.9% increase compared to last month.

Current inventory combined with the current pace of sales created a 3.3 month supply of homes in Orlando for November.  There was a 2.8 month supply in October 2018 and a 3.0 month suplly in November 2017.

The average interest paid by Orlando homebuyers in November was 4.97%, up from 4.85% the month prior.

Homes that closed in November took an average of 53 days to move from listing to pending and took an average of 89 days from listing to closing.

Pending sales in November are down 25.6% compared to November of last year and are down 9.7% compared to last month.