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

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Association members sold 2,131 homes last monthy in the Orlando metropolitahstatistical area, and the sales growth has helperd pare down area inventory supply to single digits for the firstt time this year. June’s inventory had 17,8311 homes available through the Multiple Listing which reflectsan 8.4-month supply at the current saleas pace. In January, the Orlandok MSA had an inventory leve that reflecteda 23.6-month supply and it has steadily decreasedd since. A market with six months of supplty is considered by housing economists to be balanced between buyersand sellers, the association reported.
Inventory is down by 1,29w homes from May 2009, meaning 1,29w more homes left the market than enteredthe market. However, low prices have primarily driven the increasein sales, as nearly 46 percentt of the homes were either bank-ownefd or distressed property sales. Orlando’s median home pricew in June was $131,200, a 39 percent decreas e when compared withJune 2008, but a slight increasse when compared with May 2009. Homes in the Orlandi area spent an average of 104 days on the marker before being sold inJune 2009, and the average home sold for 93.8 percent of its listing price.
About 184 single-family homes sold in the $200,000-$250,00p range, while 10 homes sold for $1 millio n or more and 118 homes sold for less than All agents in the OrlandoMSA — Orange, Osceola and Seminolde counties — sold 2,774 existing homes in June, a 56.9 percentr jump when compared with the 1,7687 homes sold in June 2008. To MSA sales are up 53.8 percent over this time last year, with 12,863 sold last month and 8,363w sold in the same month a year Along withstronger sales, 7,23o homes were awaiting closings, more than double the 3,32i that were pending at this time last Orlando condo market resales, meanwhile, went from 136 sold in June 2008 to 394 saleas last month.
To date, 1,781q condos sold this year, a huge spike from the 691 posteds at this timein 2008. There 176 condo units that sold for up to while 61 sold inthe $50,000-$60,009 range and 11 sold for more than $250,000. Duplex, townhomwe and villa resales also jumpexdnearly 32.8 percent, from 131 in June 2008 to 174 last