Orlando Housing Market Activity: August 2019

Orlando's housing market in August saw both its largest increase (+9%) in year-over-year median price and its first inventory decline (-2%) in 2019.  Sales were up a tiny fraction (+0.1%) compared to August 2018.

The overall median price of Orlando homes (all types combined) sold in August is $250,000, which is 8.7% above the August 2018 median price of $230,000 and up 1.1% compared to the July 2019 median price of $247,250.

The median price for single-family homes that changed hands in August increased 5.9% over August 2018 and is now $270,000.  The median price for condos increased 8.8% to $137,000.

The Orlando housing affordability index for August is 134.06%, up from 133.30% 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 the median-income earners make more than is necessary to qualify for a median-price home).

The first-time homebuyers affordability index increased a fraction to 95.33% from 94.79% last month.

Sales of single-family homes (2,657) in August 2019 increased by 2.7% compared to August 2018, while condo sales (419) decreased 5.2% year-over-year.

Sales of distressed homes (foreclosures and short sales) reached 86 in August and are 29.5% less than the 122 distressed sales in August 2018.  Distressed sales made up just 2.4% of all Orlando-area transactions last month.

The overall inventory of homes that were available for purchase in August (7,652) represents a decrease of 2% when compared to August 2018, and a 4.3% decrease compared to last month.  There were 4% fewer single-family homes and 5.8% more condos, year-over-year.

Current inventory combined with the current pace of sales created a 2.3-month supply of homes in Orlando in August.  there was a 2.3-month supply in August 2018 and a 2.2-month supply in July 2019.

The average interest rate paid by Orlando homebuyers in August was 3.72%, down from 3.85% the month prior.

Homes that closed in August took an average of 49 days to move from listing to pending and an average of 37 days between pending and closing, for an average of 86 days from listing to closing (down from 87 days the month prior).

Pending sales in August are up 6% compared to August of last year and are down 7.8% compared to last month.