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 metropolitanstatistical area, and the sales growt h has helped pare down area inventory supply to singlew digits for the first time this June’s inventory had 17,831 homes availables through the Multiple Listing Service, whicn reflects an 8.4-month supply at the current sales In January, the Orlando MSA had an inventoryu level that reflected a 23.6-month supplgy and it has steadily decreased since.
A market with six months of supply is considered by housing economists to be balanced betweeb buyersand sellers, the association Inventory is down by 1,292 homes from May meaning 1,292 more homes left the market than entereds the market. However, low prices have primarily driven the increasein sales, as nearly 46 percentt of the homes were either bank-owned or distressed propert y sales. Orlando’s median home price in June was a 39 percent decrease when compared withJune 2008, but a slighgt increase when compared with May 2009. Homes in the Orlandpo area spent an average of 104 days on the market befor being sold inJune 2009, and the average home sold for 93.
8 percen t of its listing price. About 184 single-familyu homes sold in the $200,000-$250,000 range, while 10 homes sold for $1 milliob or more and 118 homes sold for less than All agents in the OrlandoMSA — Orange, Osceola and Seminole counties — sold 2,774 existing homess in June, a 56.9 percent jump when comparedx with the 1,768 homes sold in June 2008. To MSA sales are up 53.8 percent over this time last with 12,863 sold last month and 8,363 sold in the same monthg a year prior.
Along with stronger sales, 7,230 homes were awaiting closings, more than double the 3,329 that were pending at this time last Orlando condomarket resales, meanwhile, went from 136 sold in June 2008 to 394 salee last month. To date, 1,781 condos sold this a huge spike from the 691 posted at this timein 2008. Therer 176 condo units that sold for up to while 61 sold inthe $50,000-$60,000 range and 11 sold for more than Duplex, townhome and villa resales also jumperd nearly 32.
8 percent, from 131 in June 2008 to 174 last