ORRA Housing Market Report - December 2018

The overall median price of Orlando homes (all types combined) sold in December is $232,750, which is 1.2% above the December 2017 median price of $230,000 and 0.1% below the November 2018 median price of $233,000.

Year-over-year increases in median price have been recorded for the past 90 consecutive months.

The median price for single-family homes that changed hands in December increased 3.7% over December 2017 and is now over $254,000.  The median price for condos increased 10.5% to $132,000.

The Orlando housing affordability index for December is 132.03%, up from 123.01% 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 home buyer affordability index increased to 93.89 from 87.48 last month.

Sales of single-family homes (1,872) in December 2018 decreased by 21.9% compared to December 2017, while condo sales (302) decreased 11.4% year over year.

The overall inventory of homes that were available for purchase in December (7,872) represents an increase of 4.9% when compared to December 2017, and 6.6 percent decrease compared to last month.  There were 4.5% more single-family homes and 17.1% more condos, year over year.

Current inventory combined with the current pace of sales created a 3.3 month supply of homes in Orlando for December.  There was a 3.3 month supply in November 2018 and 2.5 month supply in December 2017.

The average interest rate paid by Orlando home buyers in December was 4.38%, down from 4.97% the month prior.

Homes that closed in December took an average of 56 days to move from listing to pending and took an average of 92 days from listing to closing.