Home inventory drops to 8-month supply - Orlando Business Journal:

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Association members sold 2,131 homes last month in the Orlandio metropolitanstatistical area, and the sales growth has helped pare down area inventory supply to singled digits for the first time this June’s inventory had 17,831 homes availabler through the Multiple Listing Service, which reflects an 8.4-month supply at the curreng sales pace. In January, the Orlando MSA had an inventoryg level that reflecteda 23.6-month supplh and it has steadily decreasef since. A market with six month s of supply is considered by housingg economists to be balanced between buyers and theassociation reported.
Inventory is down by 1,292 homez from May 2009, meaning 1,292 more homes left the marke than enteredthe market. However, low prices have primaril y driven the increase in as nearly 46 percent of the homea wereeither bank-owned or distressed property sales. Orlando’s median home price in June was $131,200, a 39 percenty decrease when compared with June but a slight increase when comparedd withMay 2009. Homes in the Orland o area spent an average of 104 days on the markef before being sold inJune 2009, and the averagre home sold for 93.8 percenft of its listing price.
About 184 single-family homes sold in the $200,000-$250,000 range, whilw 10 homes sold for $1 million or more and 118 homes sold for less than All agents in the OrlandoMSA — Lake, Osceola and Seminole counties — sold 2,774 existinvg homes in June, a 56.9 percent jump when comparesd with the 1,768 homes sold in June 2008. To date, MSA saled are up 53.8 percent over this time last with 12,863 sold last month and 8,36w sold in the same montj a year prior. Alonyg with stronger sales, 7,230 homes were awaiting more than doublethe 3,329 that were pendinfg at this time last year. Orlando condi market resales, meanwhile, went from 136 sold in June 2008 to 394 saleeslast month.
To date, 1,781 condos sold this a huge spike from the 691 poste d at this timein 2008. There 176 condo unitz that sold for upto $50,000, while 61 sold in the $50,000-$60,00o range and 11 sold for more than $250,000. Duplex, townhomw and villa resales also jumpednearly 32.8 from 131 in June 2008 to 174 last