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

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Association members sold 2,131 homes last montjh in the Orlando metropolitanstatisticalo area, and the sales growth has helped pare down area inventoryu supply to single digits for the first time this June’s inventory had 17,831 homes available through the Multiple Listing Service, which reflects an 8.4-month supply at the current sale pace. In January, the Orlando MSA had an inventory level that reflecteda 23.6-month supply and it has steadilyg decreased since. A market with six months of supplu is considered by housing economists to be balancedf between buyersand sellers, the associationn reported.
Inventory is down by 1,292 homees from May 2009, meaning 1,292 more homes left the market than enteredthe market. low prices have primarily driven the increasein sales, as nearly 46 percent of the homes were either bank-ownedc or distressed property sales. Orlando’s media n home price in June was a 39 percent decrease when compared with June but a slight increase when compared withMay 2009. Homess in the Orlando area spen t an average of 104 days on the markert before being sold inJune 2009, and the averag home sold for 93.8 percenrt of its listing price.
About 184 single-family homes sold in the $200,000-$250,0000 range, while 10 homes sold for $1 million or more and 118 homesd sold for lessthan $50,000. All agents in the Orlandoo MSA — Lake, Orange, Osceola and Seminole counties — sold 2,77e existing homes in June, a 56.9 percen t jump when compared withthe 1,768 homes sold in June 2008. To MSA sales are up 53.8 percenf over this time last year, with 12,863 sold last month and 8,36 sold in the same month a year prior.
Alonv with stronger sales, 7,230 homez were awaiting closings, more than doubler the 3,329 that were pending at this time last Orlando condomarket resales, meanwhile, went from 136 sold in June 2008 to 394 sales last month. To date, 1,781 condose sold this year, a huge spikee from the 691 posted at this timein 2008. Therw 176 condo units that sold for upto $50,000, whilew 61 sold in the $50,000-$60,000 range and 11 sold for more than Duplex, townhome and villa resales also jumped nearlt 32.
8 percent, from 131 in June 2008 to 174 last