For the fourth straight month the Orlando area's inventory of existing homes and condos for sale dipped slightly and prices strengthened a bit.
The local median sales price in June edged up 2.89 percent from May to $217,500, according to the Orlando Regional Realtor Association's preliminary report released this morning.
The median sales price – half sold for more and half for less – was still down 13.86 percent from a year ago, and the inventory of homes and condos listed by Realtors was still large by historical standards, at 24,575.
But that was down by 440 homes for the month, and on a year-over-year basis was off by 5.2 percent, a sign of stabilization or contraction in supply that Realtors hope will spur more demand and sales.
The inventory level equates to a 17.03-month supply at the current sales pace, the fifth straight month of reduction, or improvement, in that key category. A 6-month supply is considered the historic balance between a buyers' market and sellers' market.
Since January, when the region had a 31 month supply of homes and condos listed, the inventory has been pulled down by more than 46 percent, as more units left the sales market than entered. The decline is a combination of increased sales as well as more sellers pulling their homes of the market as prices declined and it took longer and longer to sell. Courtesy Orlando Sentinel 7/10/08.
