Highlights from the Orlando Regional Realtor Association’s most recent Market Pulse.
* The median price of all existing homes combined sold in June 2015 — $181,500 — is a 7.73 percent increase from the $168,483 median price recorded in June 2014, and a 0.28 percent increase compared to May 2015.
* The median price for “normal” existing homes sold in June is $205,250, an increase of 6.90 percent from the median price of “normal” existing homes in June 2014.
* The year-to-year median price for short sales decreased by 2.96 percent in June, while the median price for bank-owned sales increased by 16.13 percent.
* The year-over-year median price for single-family homes increased by 8.11 percent, and the year-over-year median price for condos increased 8.77 percent.
* Orlando home sales (all home types and all sales types combined) in June 2015 were up 21.21 percent when compared to June of 2014 and up 10.20 percent compared to May 2015.
* Single-family sales increased 22.70 percent, while condo sales increased by 12.92 percent year to year.
* Of the 3,435 sales in June, 2,540 normal sales accounted for 73.94 percent of all sales, while 761 bank-owned and 134 short sales respectively made up 22.15 percent and 3.90 percent.
* The number of normal sales in June increased by 31.40 percent compared to June 2014, while foreclosures increased 13.75 percent and short-sales decreased 42.24 percent.
* The 6,901 pendings in June of this year is a decrease of 3.28 percent compared to the 7,135 pendings in June of last year (and a 1.64 percent decrease compared to the 7,016 pendings last month).
* Short sales made up 21.30 percent of pendings in June, a decline of 45.41 percent from June of last year. Normal properties accounted for 55.43 percent (an increase of 30.81 percent) of sales, and bank-owned properties accounted for 23.27 percent (an increase of 5.80 percent).
Sales of existing homes within the entire Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in June were up by 19.78 percent when compared to June of 2014. Year to date, sales are up 18.61 percent in the MSA.
Each individual county’s monthly sales comparisons are as follows:
• Lake: 10.22 percent above June 2014;
• Orange: 20.55 percent above June 2014;
• Osceola: 16.43 percent above June 2014; and
• Seminole: 28.42 percent above June 2014.
* There are currently 12,058 homes available for purchase through the MLS. The June 2015 overall inventory level is 4.69 percent higher than it was in June 2014; inventory is up 2.20 percent compared to May 2015.
* The inventory of normal sales increased 16.76 percent compared to June 2014, while foreclosure inventory is down 20.51 percent and short sale inventory is down 38.90 percent.
* Year-to-year single-family home inventory is up 1.51 percent; condo inventory is up 18.38 percent.
* The current pace of sales translates into 3.51 months of inventory supply.
* New contracts are up 13.55 percent compared to June of 2014. New listings are up 2.41 percent.
* The Orlando affordability index decreased to 168.23 percent in June. First-time homebuyer affordability in May decreased to 119.23 percent.
* Homes of all types spent an average of 67 days on the market (down from 73 days the month prior) before coming under contract in June 2015, and the average home sold for 97.02 percent of its listing price (down from 96.87 percent the month prior).