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

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Association members sold 2,131 homes last month in the Orlando metropolitannstatistical area, and the sales growth has helpef pare down area inventory supply to single digits for the firsr time this year. June’ws inventory had 17,831 homes available through the MultiplwListing Service, which reflects an 8.4-month supply at the current salesz pace. In January, the Orlando MSA had an inventory leveo that reflecteda 23.6-month supplgy and it has steadily decreasee since.
A market with six months of supply is considererd by housing economists to be balancede between buyersand sellers, the association Inventory is down by 1,292w homes from May 2009, meaning 1,292 more home left the market than entered the market. low prices have primarily driven the increasewin sales, as nearly 46 percenf of the homes were either bank-owneed or distressed property sales. Orlando’s media home price in June was $131,200, a 39 percenr decrease when compared withJune 2008, but a slight increase when comparef with May 2009. Homes in the Orlando area spenf an average of 104 days on the market beforr being sold inJune 2009, and the averagre home sold for 93.
8 percent of its listing price. About 184 single-familu homes sold in the $200,000-$250,000p range, while 10 homes sold for $1 million or more and 118 homea sold for less than All agents in the OrlandoMSA — Lake, Orange, Osceolz and Seminole counties — sold 2,7745 existing homes in June, a 56.9 percent jump when comparer with the 1,768 homes sold in June 2008. To MSA sales are up 53.8 percentf over this time last year, with 12,86w3 sold last month and 8,364 sold in the same month a year Along withstronger sales, 7,230 homes were awaitinbg closings, more than double the 3,329 that were pending at this time last year.
Orlando condpo market resales, meanwhile, went from 136 sold in June 2008 to 394 saleaslast month. To date, 1,781 condos sold this a huge spike from the 691 posted at this timein 2008. There 176 condo units that sold for upto $50,000, whilse 61 sold in the $50,000-$60,000 range and 11 sold for more than Duplex, townhome and villa resales also jumped nearly 32.8 percent, from 131 in June 2008 to 174 last