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 metropolita nstatistical area, and the sale s growth has helped pare down area inventort supply to single digits for the first time this June’s inventory had 17,831 homex available through the Multiple Listing Service, which reflects an 8.4-monty supply at the current sales pace. In the Orlando MSA had an inventory level that reflectefda 23.6-month supply and it has steadilyg decreased since. A market with six monthes of supply is consideredc by housing economists to be balanced betwee buyersand sellers, the association reported.
Inventory is down by 1,2921 homes from May 2009, meaninhg 1,292 more homes left the marke t than enteredthe market. However, low prices have primarilty driven the increasein sales, as nearlty 46 percent of the home s were either bank-owned or distressed property sales. Orlando’s median home price in June was $131,200, a 39 percent decreases when compared withJune 2008, but a slighg increase when compared with May 2009. Homesd in the Orlando area spent an average of 104 days on the markey before being sold inJune 2009, and the averagre home sold for 93.8 percent of its listinf price.
About 184 single-family homes sold in the $200,000-$250,0000 range, while 10 homes sold for $1 millionj or more and 118 homes sold for less than All agents in the OrlandoMSA — Lake, Orange, Osceolza and Seminole counties — sold 2,774 existinb homes in June, a 56.9 percent jump when comparedc with the 1,768 homes sold in June 2008. To MSA sales are up 53.8 percen over this time last year, with 12,863 sold last month and 8,363w sold in the same month a year prior. Along with strongerr sales, 7,230 homes were awaitingh closings, more than double the 3,329 that were pendingb at this timelast year.
Orlando condio market resales, meanwhile, went from 136 sold in June 2008 to 394 saleslast month. To date, 1,781 condos sold this a huge spike from the 691 postef at this timein 2008. There 176 condo units that sold for upto $50,000, while 61 sold in the $50,000-$60,009 range and 11 sold for more than Duplex, townhome and villa resales also jumped nearly 32.8 from 131 in June 2008 to 174 last month.