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Orlando traditionally experiences its biggest home-buying rush in the spring, but this year buyers are challenged by the double whammy of double-digit home price increases and a depleted inventory.

The median price of existing homes sold in Orlando during the month of April leapt nearly 24 percent under the influence of bidding wars, above-price offers, and rising listing prices, reports the Orlando Regional REALTOR® Association.

"Despite a 46 percent increase in the number of "normal” homes coming on to the market in April — which indicates that more homeowners are seeking to take advantage of the current sellers’ market — buyer demand is continuing to outweigh supply,” explains ORRA Chairman Steve Merchant, broker-owner of Global Realty International. "Buyer competition is so stiff that more than one in four of the homes that closed during April sold for more than original listing price.”

The April 2013 overall median price of $145,000 is 23.93 percent above that of April 2012 ($117,000) and 3.57 percent above that of March 2013 ($140,000). Orlando’s median price has risen more than 34 percent in the 16 months since January of 2012.

In addition to the overall median increase, each individual sales type experienced a year-to-year median price increase in April, with short sales leading the way with a 20.53 percent jump. The median price of foreclosures increased 12.25 percent; the median price of normal sales increased 10.56 percent.

Completed Sales

Members of ORRA participated in the sales of 2,689 homes (all types combined) that closed in April 2013, an increase of 10.39 percent compared to April 2012 and a decrease of 0.77 percent compared to March 2013.

Single-family home sales increased 15.00 percent in April 2013 compared to April 2012, while condo sales decreased 10.49 percent.

Compared to April of 2012, the number of short sales (570) decreased 20.17 percent and the number of foreclosures (553) decreased 10.37 percent. The number of completed traditional sales (1,566), however, is a 41.72 percent increase compared to last year.

In April, short sales and foreclosures made up 41.76 percent of the entire sales pie, while normal sales made up 58.24 percent. Last year in April, those percentages were 54.64 percent and 45.36 percent, respectively.

Homes of all types spent an average of 76 days on the market before coming under contract in April 2013, and the average home sold for 96.85 percent of its listing price. In April 2012 those numbers were 87 days and 95.46 percent, respectively.

The average interest rate paid by Orlando homebuyers in April was 3.49 percent. Last month, homebuyers paid an average interest rate of 3.65 percent; this month last year, homebuyers paid an average interest rate of 4.03 percent.

Pending Sales

Pending sales – those under contract and awaiting closing – are currently at 8,785. The number of pending sales in April 2013 is 12.83 percent lower than it was in April 2012 (10,078) and 0.16 percent lower than it was in March 2013 (8,799).

Short sales, which take much longer to process from contract to close, made up 59.10 percent of pending sales in April 2013. Normal properties accounted for 28.84 percent of pendings, while bank-owned properties accounted for 12.05 percent.

Inventory

The number of existing homes (all types combined) available for purchase in Orlando is 16.66 percent below that of April 2012 and now rests at 7,202. Inventory did increase by 265 properties over last month.

The inventory of single-family homes is down by 20.43 percent when compared to April of 2012, while condo inventory has decreased by 3.06 percent.

Current inventory combined with the current pace of sales created a 2.68-month supply of homes in Orlando in April. There was a 3.55-month supply in April 2012 and a 2.56-month supply last month.

Affordability

The April affordability index is 220.37 percent, a slight decrease of 3 percentage points from March’s index of 223.58. (An affordability index of 99 percent means that buyers earning the state-reported median income are 1 percent short of the income necessary to purchase a median-priced home. Conversely, an affordability index that is over 100 means that median-income earners make more than is necessary to qualify for a median-priced home.)

Buyers who earn the reported median income of $55,043 can qualify to purchase one of 3,750 homes in Orange and Seminole counties currently listed in the local multiple listing service for $319,531 or less.

First-time homebuyer affordability in April decreased to 156.70 percent from last month’s 158.99 percent. First-time buyers who earn the reported median income of $37,429 can qualify to purchase one of the 2,597 homes in Orange and Seminole counties currently listed in the local multiple listing service for $193,139 or less.

Condos and Town Homes/Duplexes/Villas

The sales of condos in the Orlando were down 10.49 percent in April, with 401 sales recorded in April 2013 compared to 448 in April 2012.

The most (90) condos in a single price category that changed hands in April were yet again in the $1 - $50,000 price range and accounted for 22.44 percent of all condo sales.

Orlando homebuyers purchased 272 duplexes, town homes, and villas in April 2013, which is a 15.74 percent increase compared to April 2012. Most (33) fell within the $100,000 - $120,000 price range category.

MSA Numbers

Sales of existing homes within the entire Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in April were up by 8.34 percent when compared to April of 2012. Throughout the MSA, 3,247 homes were sold in April 2013 compared with 2,997 in April 2012. To date, sales throughout the MSA are 8.96 percent above this time last year.

Each individual county’s monthly sales comparisons are as follows:

• Lake: 27.23 percent above April 2012 (514 homes sold in April 2013 compared to 404 in April 2012);
• Orange: 6.93 percent above April 2012 (1,604 homes sold in April 2013 compared to 1,500 in April 2012);
• Osceola: 0.59 percent below April 2012 (507 homes sold in April 2013 compared to 510 in April 2012); and
• Seminole: 6.69 percent above April 2012 (622 sold in April 2013 compared to 583 in April 2012).

This representation is based in whole or in part on data supplied by the Orlando Regional REALTOR® Association and the My Florida Regional Multiple Listing Service. Neither the association nor MFRMLS guarantees or is in any way responsible for its accuracy. Data maintained by the association or MFRMLS may not reflect all real estate activity in the market. Due to late closings, an adjustment is necessary to record those closings posted after our reporting date.

ORRA REALTOR® sales, referred to as the core market, represent all sales by members of the Orlando Regional REALTOR® Association, not necessarily those sales strictly in Orange and Seminole counties. Note that statistics released each month may be revised in the future as new data is received.

Orlando MSA numbers reflect sales of homes located in Orange, Seminole, Osceola, and Lake counties by members of any REALTOR® association, not just members of ORRA.

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Lawrence Yun , NAR chief economist, said there is more demand than supply in the current market. "Buyer traffic is 25 percent above a year ago when we were already seeing notable gains in shopping activity," he says. Total housing inventory at the end of March increased 1.6 percent to 1.93 million existing homes available for sale, which represents a 4.7-month supply.

The national median existing-home price for all housing types was $184,300 in March, which is 11.8 percent higher than March 2012.

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The median price of existing homes sold in Orlando during the month of March jumped more than 20 percent over March of last year, caused in part by a nearly 50 percent increase in the number of non-distressed "normal” home sales, reports the Orlando Regional REALTOR® Association.

The March 2013 overall median price of $140,000 is 21.74 percent above that of March 2012 ($115,000) and 5.26 percent above that of February 2013 ($133,000). Orlando’s median price has risen almost 30 percent in the 15 months since January of 2012.

"Normal sales traditionally carry a higher price tag than foreclosures and short sales,” explains ORRA Chairman Steve Merchant, broker-owner of Global Realty International. "For example, in March the median price for normal sales is $173,590 while the median for foreclosures is $96,000 and for short sales is $110,000.”

In addition to the overall median increase, each individual sales type experienced a year-to-year median price increase in March, with foreclosures leading the way with a 15.73 percent jump. The median price of short sales increased 7.84 percent; normal sales increased 11.99 percent.

Completed Sales

Members of ORRA participated in the sales of 2,605 homes (all types combined) that closed in March 2013, an increase of 6.98 percent compared to March 2012 and an increase of 12.43 percent compared to February 2013.

Single-family home sales increased 9.20 percent in March 2013 compared to March 2012, while condo sales increased 4.29 percent.

Compared to March of 2012, the number of short sales (566) decreased 29.86 percent and the number of foreclosures (556) decreased 12.30 percent. The number of completed traditional sales (1,483), however, is a 49.20 percent increase compared to last year.

In March, short sales and foreclosures made up 43.07 percent of the entire sales pie, while normal sales made up 56.93 percent. Last year in March, those percentages were 59.18 percent and 40.82 percent, respectively.

Homes of all types spent an average of 80 days on the market before coming under contract in March 2013, and the average home sold for 95.96 percent of its listing price. In March 2012 those numbers were 97 days and 94.94 percent, respectively.

The average interest rate paid by Orlando homebuyers in March, 3.65 percent, marks the first increase since April 2012. Last month, homebuyers paid an average interest rate of 3.21 percent; this month last year, homebuyers paid an average interest rate of 3.65.

Pending Sales

Pending sales – those under contract and awaiting closing – are currently at 8,799. The number of pending sales in March 2013 is 9.74 percent lower than it was in March 2012 (9,748) and 0.29 percent lower than it was in February 2013 (8,825).

Short sales, which take much longer to process from contract to close, made up 60.67 percent of pending sales in March 2013. Normal properties accounted for 26.92 percent of pendings, while bank-owned properties accounted for 12.41 percent.

Inventory

The number of existing homes (all types combined) available for purchase in Orlando is continuing a steady tumble that began back in July 2010 at 16,563 and now rests at 6,937. In March 2013, inventory was 19.95 percent less than it was in March 2012.

The inventory of single-family homes is down by 22.53 percent when compared to March of 2012, while condo inventory has decreased by 7.29 percent.

Current inventory combined with the current pace of sales created a 2.66-month supply of homes in Orlando in March. There was a 3.56-month supply in March 2012 and a 3.10-month supply last month.

Affordability

The March affordability index is 223.58 percent, a decrease of 25 percentage points from February’s index of 248.38 that is attributed in part to this month’s jump in both the median price and the interest rate. (An affordability index of 99 percent means that buyers earning the state-reported median income are 1 percent short of the income necessary to purchase a median-priced home. Conversely, an affordability index that is over 100 means that median-income earners make more than is necessary to qualify for a median-priced home.)

Buyers who earn the reported median income of $54,986 can qualify to purchase one of 3,594 homes in Orange and Seminole counties currently listed in the local multiple listing service for $313,017 or less.

First-time homebuyer affordability in March decreased to 158.99 percent from last month’s 176.63 percent. First-time buyers who earn the reported median income of $37,390 can qualify to purchase one of the 2,529 homes in Orange and Seminole counties currently listed in the local multiple listing service for $189,202 or less.

Condos and Town Homes/Duplexes/Villas

The sales of condos in the Orlando were up 4.29 percent in March, with 413 sales recorded in March 2013 compared to 396 in March 2012.

The most (115) condos in a single price category that changed hands in March were yet again in the $1 - $50,000 price range and accounted for 27.85 percent of all condo sales.

Orlando homebuyers purchased 234 duplexes, town homes, and villas in March 2013, which is a 4.88 percent decrease compared to March 2012. Most (31) fell within the $160,000 - $180,000 price range category.

MSA Numbers

Sales of existing homes within the entire Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in March were up by 1.41 percent when compared to March of 2012. Throughout the MSA, 3,174 homes were sold in March 2013 compared with 3,130 in March 2012. To date, sales throughout the MSA are 7.59 percent above this time last year.

Each individual county’s monthly sales comparisons are as follows:

• Lake: 13.96 percent above March 2012 (506 homes sold in March 2013 compared to 444 in March 2012);
• Orange: 0.51 percent above March 2012 (1,589 homes sold in March 2013 compared to 1,581 in March 2012);
• Osceola: 14.36 percent below March 2012 (501 homes sold in March 2013 compared to 585 in March 2012); and
• Seminole: 11.15 percent above March 2012 (578 sold in March 2013 compared to 520 in March 2012).

This representation is based in whole or in part on data supplied by the Orlando Regional REALTOR® Association and the My Florida Regional Multiple Listing Service. Neither the association nor MFRMLS guarantees or is in any way responsible for its accuracy. Data maintained by the association or MFRMLS may not reflect all real estate activity in the market. Due to late closings, an adjustment is necessary to record those closings posted after our reporting date.

ORRA REALTOR® sales, referred to as the core market, represent all sales by members of the Orlando Regional REALTOR® Association, not necessarily those sales strictly in Orange and Seminole counties. Note that statistics released each month may be revised in the future as new data is received.

Orlando MSA numbers reflect sales of homes located in Orange, Seminole, Osceola, and Lake counties by members of any REALTOR® association, not just members of ORRA.

In particular, pending sales for existing single-family homes last month rose 26.7 percent over the previous February, while the statewide median sales price for single-family existing homes last month was up 12.8 percent from the previous year.

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Lawrence Yun , NAR chief economist, says conditions for continued housing improvement are at play. "Job growth in the improving economy and pent-up demand are causing both home sales and rental leasing to rise. Though home prices are rising much faster than rents, historically low mortgage rates are still making home purchases affordable," he says. "The only headwinds are limited housing inventory, which varies greatly around the country, and credit conditions that remain too restrictive."

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The median price of Orlando homes sold during the month of February leapt nearly 20 percent over February 2012, driven in no small part by a record low interest rate of 3.21 percent that is enabling buyers to afford a little more house, reports the Orlando Regional REALTOR® Association.

The February 2013 median price of $133,000 is 19.82 percent above that of February 2012 ($111,000) and 4.72 percent above that of January 2012 ($127,000).

The jump in median price can be attributed to a mix of factors, explains ORRA Chairman Steve Merchant, broker-owner of Global Realty International.

"We are in a solid seller’s market with minimal inventory and huge demand from buyers seeking to take advantage of interest rates, says Merchant. "Those conditions are encouraging more owners to make their homes available for purchase, and normal homes are generally priced higher than foreclosures and short sales. In addition, that same buyer demand is really driving up the price of foreclosures and short sales, for which heated bidding wars are now routine.”

All sales types experienced year-to-year median price increases in February, with foreclosures leading the way with a 26.71 percent jump. The median price of short sales increased 11.76 percent; normal sales increased 5.69 percent.

Completed Sales

Members of ORRA participated in the sales of 2,203 homes (all types combined) that closed in February 2013, an increase of 11.54 percent compared to February 2012. Single-family home sales increased 16.68 percent, while condo sales dropped 6.69 percent.

Compared to February of 2012, the number of short sales (487) decreased 24.73 percent and the number of foreclosures (521) decreased 2.98 percent. The number of completed traditional sales (1,195), however, is a 51.07 percent increase compared to last year.

Homes of all types spent an average of 84 days on the market before coming under contract in February 2013, and the average home sold for 96.11 percent of its listing price. In February 2012 those numbers were 94 days and 93.38 percent, respectively.

The average interest rate paid by Orlando homebuyers in February, 3.21 percent, set yet another record as lowest average interest rate since ORRA began tracking the statistic in 1989. A year ago, homebuyers paid an average interest rate of 3.92 percent.

Pending Sales

Pending sales – those under contract and awaiting closing – are currently at 8,825. The number of pending sales in February 2013 is 5.59 percent lower than it was in February 2012 (9,348) and 1.33 percent higher than it was in January 2013 (8,709).

Short sales, which take much longer to process from contract to close, made up 61.79 percent of pending sales in February 2013. Normal properties accounted for 25.96 percent of pendings, while bank-owned properties accounted for 12.25 percent.

Inventory

The number of existing homes (all types combined) available for purchase in Orlando is continuing a steady decline that began back in July 2010 at 16,563 and now rests at 7,183. In February 2013, inventory was 22.37 percent less than it was in February 2012.

The inventory of single-family homes is down by 25.40 percent when compared to February of 2012, while condo inventory has decreased by 9.98 percent.

The month-of-supply decreased in February when compared to February 2012: Current inventory combined with the current pace of sales equates to a 3.26-month supply of homes in Orlando right now, while there was a 4.69-month supply in February 2012. There was a 3.64-month supply last month.

Affordability

The February affordability index is 248.38 percent, a decrease of four points from January’s index of 252.38 that is attributed in part to the interest rate decline. (An affordability index of 99 percent means that buyers earning the state-reported median income are 1 percent short of the income necessary to purchase a median-priced home. Conversely, an affordability index that is over 100 means that median-income earners make more than is necessary to qualify for a median-priced home.)

Buyers who earn the reported median income of $54,929 can qualify to purchase one of 4,013 homes in Orange and Seminole counties currently listed in the local multiple listing service for $330,346 or less.

First-time homebuyer affordability in February decreased to 176.63 percent from last month’s 179.47 percent. First-time buyers who earn the reported median income of $37,352 can qualify to purchase one of the 2,873 homes in Orange and Seminole counties currently listed in the local multiple listing service for $199,676 or less.

Condos and Town Homes/Duplexes/Villas

The sales of condos in the Orlando were down 6.69 percent in February, with 321 sales recorded in February 2013 compared to 344 in February 2012.

The most (86) condos in a single price category that changed hands in February were yet again in the $1 - $50,000 price range and accounted for 26.79 percent of all condo sales.

Orlando homebuyers purchased 210 duplexes, town homes, and villas in February 2013, which is a 6.06 percent increase compared to February 2012. Most (27) fell within the $160,000 - $180,000 price range category.

MSA Numbers

Sales of existing homes within the entire Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in February were up by 5.71 percent when compared to February of 2012. Throughout the MSA, 2,666 homes were sold in February 2013 compared with 2,522 in February 2012. To date, sales throughout the MSA are 8.80 percent above this time last year.

Each individual county’s monthly sales comparisons are as follows:

• Lake: 1,83 percent below February 2012 (375 homes sold in February 2013 compared to 382 in February 2012);
• Orange: 3.05 percent above February 2012 (1,317 homes sold in February 2013 compared to 1,278 in February 2012);
• Osceola: 2.33 percent above February 2012 (440 homes sold in February 2013 compared to 430 in February 2012); and
• Seminole: 23.61 percent above February 2012 (534 sold in February 2013 compared to 432 in February 2012).

This representation is based in whole or in part on data supplied by the Orlando Regional REALTOR® Association and the My Florida Regional Multiple Listing Service. Neither the association nor MFRMLS guarantees or is in any way responsible for its accuracy. Data maintained by the association or MFRMLS may not reflect all real estate activity in the market. Due to late closings, an adjustment is necessary to record those closings posted after our reporting date.

ORRA REALTOR® sales, referred to as the core market, represent all sales by members of the Orlando Regional REALTOR® Association, not necessarily those sales strictly in Orange and Seminole counties. Note that statistics released each month may be revised in the future as new data is received.

Orlando MSA numbers reflect sales of homes located in Orange, Seminole, Osceola, and Lake counties by members of any REALTOR® association, not just members of ORRA.

"This year started out strong for Florida’s housing market,” said 2013 Florida REALTORS® President Dean Asher, broker-owner with Don Asher & Associates Inc. in Orlando. "Homes sales continue to rise, mortgage rates remain near historic lows and the inventory of for-sale homes is lower than it’s been in years. Plus, the time it takes for a home to sell is dropping; the median days a home is on the market declined about 15 percent for both single-family homes and for townhome-condo properties. However, overly restrictive credit requirements remain an obstacle for many potential buyers, who find it difficult to access affordable financing options.”

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Lawrence Yun, NAR chief economist, said tight inventory is a major factor in the market. "Buyer traffic is continuing to pick up, while seller traffic is holding steady," he says. "In fact, buyer traffic is 40 percent above a year ago, so there is plenty of demand but insufficient inventory to improve sales more strongly. We've transitioned into a seller's market in much of the country."

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The median price of Orlando homes sold during the month of January shot up more than 18 percent over that of January 2012, a year-to-year increase not seen since the tail end of the red-hot housing market in March 2006, reports the Orlando Regional REALTOR® Association.

The January median price of $128,000 is 18.52 percent above that of January 2012 ($108,000) and 3.40 percent below that of December 2012 ($132,500).

All sales types experienced year-to-year increases in median price in January. The median price of normal sales increased 10.49 percent, while the median price of foreclosures increased 14.12 percent and that of short sales jumped 22.22 percent.

Completed Sales

Members of ORRA participated in 1,923 home sales that closed in January 2013, an increase of 11.09 percent compared to January 2012. Orlando has now experienced seven consecutive year-to-year increases.

The January 2013 sales tally reflects a 23.23 percent decrease compared to December 2012. According to ORRA Chairman Steve Merchant, Global Realty International, the January-to-December sales drop is an annual trend.

"Over the past eight years, the traditional January-to-December sales drop has ranged from a high of 32 percent in 2006 to a low of 17 percent in 2011,” says Merchant. "The decline reflects taxpayers’ rush to close by year’s end in order to take advantage of the homestead exemption, a primary benefit of homeownership.”

Compared to January of 2012, the number of short sales (455) decreased 30.00 percent and the number of foreclosures (514) increased 13.97 percent. The number of completed traditional sales (954), however, is a 51.43 percent increase compared to last year.

Homes of all types spent an average of 81 days on the market before coming under contract in January 2013, and the average home sold for 95.98 percent of its listing price. In January 2012 those numbers were 96 days and 92.23 percent, respectively.

The average interest rate paid by Orlando homebuyers in January, 3.44 percent, set yet another record as lowest average interest rate since ORRA began tracking the statistic in 1989. A year ago, homebuyers paid an average interest rate of 4.01 percent.

Pending Sales

Pending sales – those under contract and awaiting closing – are currently at 8,432. The number of pending sales in January 2013 is 3.18 percent lower than it was in January 2012 (8,709) and 6.96 percent higher than it was in December 2012 (7,883).

Short sales, which take much longer to process from contract to close, made up 64.48 percent of pending sales in January 2013. Normal properties accounted for 22.83 percent of pendings, while bank-owned properties accounted for 12.69 percent.

Inventory

The number of existing homes (all types combined) available for purchase in Orlando is continuing a steady decline that began back in July 2010 at 16,563 and now rests at 7,336. In January 2013, inventory was 20.76 percent less than it was in January 2012.

The inventory of single-family homes is down by 24.71 percent when compared to January of 2012, while condo inventory has increased by 2.42 percent.

The month-of-supply decreased in January when compared to January 2012: Current inventory combined with the current pace of sales equates to a 3.81-month supply of homes in Orlando right now, while there was a 5.35-month supply in January 2012. There was a 2.95-month supply in December 2012.

Affordability

The January affordability index is 250.41 percent, an increase of eight points from December’s index of 242.31. (An affordability index of 99 percent means that buyers earning the state-reported median income are 1 percent short of the income necessary to purchase a median-priced home. Conversely, an affordability index that is over 100 means that median-income earners make more than is necessary to qualify for a median-priced home.)

Buyers who earn the reported median income of $54,872 can qualify to purchase one of 4,068 homes in Orange and Seminole counties currently listed in the local multiple listing service for $320,528 or less. First-time homebuyer affordability in January increased to 178.07 percent from last month’s 172.31 percent.

First-time buyers who earn the reported median income of $37,313 can qualify to purchase one of the 2,886 homes in Orange and Seminole counties currently listed in the local multiple listing service for $193,742 or less.

Condos and Town Homes/Duplexes/Villas

The sales of condos in the Orlando was exactly the same in January 2013 as it was in January 2012: 287.

The most (77) condos in a single price category that changed hands in January were yet again in the $1 - $50,000 price range and accounted for 26.83 percent of all condo sales.

Orlando homebuyers purchased 173 duplexes, town homes, and villas in January 2013, which is a 1.76 percent increase compared to January 2012. Most (30) fell within the $100,000 - $120,000 price range category.

MSA Numbers

Sales of existing homes within the entire Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in January were up by 7.42 percent when compared to January of 2012. Throughout the MSA, 2,330 homes were sold in January 2013 compared with 2,169 in January 2012. Each individual county’s monthly sales comparisons are as follows:

• Lake: 21.45 percent above January 2012 (368 homes sold in January 2013 compared to 303 in January 2012);
• Orange: 2.27 percent above January 2012 (1,128 homes sold in January 2013 compared to 1,103 in January 2012);
• Osceola: 3.60 percent above January 2012 (403 homes sold in January 2013 compared to 389 in January 2012); and
• Seminole: 15.24 percent above January 2012 (431 sold in January 2013 compared to 374 in January 2012).

This representation is based in whole or in part on data supplied by the Orlando Regional REALTOR® Association and the My Florida Regional Multiple Listing Service. Neither the association nor MFRMLS guarantees or is in any way responsible for its accuracy. Data maintained by the association or MFRMLS may not reflect all real estate activity in the market. Due to late closings, an adjustment is necessary to record those closings posted after our reporting date.

ORRA REALTOR® sales, referred to as the core market, represent all sales by members of the Orlando Regional REALTOR® Association, not necessarily those sales strictly in Orange and Seminole counties. Note that statistics released each month may be revised in the future as new data is received.

Orlando MSA numbers reflect sales of homes located in Orange, Seminole, Osceola, and Lake counties by members of any REALTOR® association, not just members of ORRA.

"These are essential and appropriate measures to manage and protect FHA’s single-family insurance programs” said FHA Commissioner Carol Galante. "In addition to protecting the MMI Fund, these changes will encourage the return of private capital to the housing market, and make sure FHA remains a vital source of affordable and sustainable mortgage financing for future generations of American homebuyers.”

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Lawrence Yun , NAR chief economist, says there is an uneven uptrend. "The supply limitation appears to be the main factor holding back contract signings in the past month. Still, contract activity has risen for 20 straight months on a year-over-year basis," he says. "Buyer interest remains solid, as evidenced by a separate REALTOR® survey which shows that buyer foot traffic is easily outpacing seller traffic."

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Statewide closed sales of existing single-family homes in December are up 15.8 percent compared to the year-ago figure, and the statewide median sales price for single-family existing homes is 14.1 higher than it was in December 2011.

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Lawrence Yun , NAR chief economist, says pent-up demand is sustaining the market. "Record low mortgage interest rates clearly are helping many home buyers, but tight inventory and restrictive mortgage underwriting standards are limiting sales," he says. "The number of potential buyers who stayed on the sidelines accumulated during the recession, but they started entering the market early last year as their financial ability and confidence steadily grew, along with home prices. Likely job creation and household formation will continue to fuel that growth. Both sales and prices will again be higher in 2013."

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Orlando’s median home price finished out the year 22.04 percent higher than where it started, thanks to significant median price improvements every single month. In fact, Orlando’s overall median price has now posted positive year-to-year gains for 18 consecutive months, and has climbed 38.88 percent since January 2011.

"With its very consistent improvements in both median price and sales, Orlando’s 2012 housing market clearly demonstrates that it is in recovery mode,” says Orlando Regional REALTOR® Association Chairman Steve Merchant, Global Realty International. "Orlando REALTORS® anticipate a continued recovery in our area, and hope for an increase in the supply of homes for sale in order to keep up with the very strong buyer demand we are currently experiencing.”

Note: Additional year-end statistics are included at the end of this article.

The December median price of $131,800 (the highest since July 2009) is 10.76 percent above that of December 2011 ($119,000) and 3.01 percent above that of November 2012 ($127,950).

All sales types experienced year-to-year increases in median price in December. The median price of normal sales increased 4.40 percent, while the median price of foreclosures jumped 23.00 percent and short sales increased 2.86 percent.

Completed Sales

Members of ORRA participated in 2,410 home sales that closed in December 2012, an increase of 8.90 percent compared to December 2011 and a 5.86 percent decrease compared to November 2012.

Compared to December of 2011, the number of short sales (728) decreased 10.12 percent and foreclosures (492) stayed exactly the same. The number of completed traditional sales (1,190), however, is a 30.63 percent increase compared to last year.

Homes of all types spent an average of 80 days on the market before coming under contract in December 2012, and the average home sold for 96.14 percent of its listing price. In December 2011 those numbers were 102 days and 92.56 percent, respectively.

The average interest rate paid by Orlando homebuyers in December, 3.46 percent, set yet another record as lowest average interest rate since ORRA began tracking the statistic in 1989. A year ago, homebuyers paid an average interest rate of 3.99 percent.

Pending Sales

Pending sales – those under contract and awaiting closing – are currently at 7,883. The number of pending sales in December 2012 is 2.62 percent lower than it was in December 2011 (8,095) and 10.90 percent lower than it was in November 2012 (8,847).

Short sales, which take much longer to process from contract to close, made up 68.96 percent of pending sales in December 2012. Normal properties accounted for 19.21 percent of pendings, while bank-owned properties accounted for 11.84 percent.

Inventory

The number of existing homes (all types combined) available for purchase in Orlando is continuing a steady decline that began back in July 2010 at 16,563 and now rests at 7,384. In December 2012, inventory was 24.13 percent less than it was in December 2011.

The inventory of single-family homes is down by 27.87 percent when compared to December of 2011, while condo inventory has decreased by 3.49 percent.

The month-of-supply decreased a bit in December when compared to last month: Current inventory combined with the current pace of sales equates to a 3.06-month supply of homes in Orlando (there was a 3.07-month supply in November 2012).

Affordability

This month’s increase in median price has led to a decrease in Orlando’s affordability index: The December index of 242.31 percent is seven points lower than November 2012’s index of 249.27 percent. (An affordability index of 99 percent means that buyers earning the state-reported median income are 1 percent short of the income necessary to purchase a median-priced home. Conversely, an affordability index that is over 100 means that median-income earners make more than is necessary to qualify for a median-priced home.)

Buyers who earn the reported median income of $54,815 can qualify to purchase one of 6,266 homes in Orange and Seminole counties currently listed in the local multiple listing service for $319,358 or less.

First-time homebuyer affordability in December decreased to 172.31 percent from last month’s 177.26 percent. First-time buyers who earn the reported median income of $37,274 can qualify to purchase one of the 4,596 homes in Orange and Seminole counties currently listed in the local multiple listing service for $193,034 or less.

Condos and Town Homes/Duplexes/Villas

The sales of condos in the Orlando area decreased by 4.55 percent in December when compared to December of 2011 (336 to 352).

The most (119) condos in a single price category that changed hands in December were yet again in the $1 - $50,000 price range and accounted for 35.42 percent of all condo sales.

Orlando homebuyers purchased 215 duplexes, town homes, and villas in December 2012, which is a 3.59 percent decrease compared to December 2011. Most (30 each) fell within the $140,000 - $160,000 price range category.

MSA Numbers

Sales of existing homes within the entire Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in December were up by 4.06 percent when compared to December of 2011. Throughout the MSA, 2,947 homes were sold in December 2012 compared with 2,832 in December 2011. To date, sales are up 1.51 percent for all counties combined.

Each individual county’s monthly sales comparisons are as follows:

• Lake: 10.69 percent above December 2011 (435 homes sold in December 2012 compared to 393 in December 2011);
• Orange: 0.07 percent above December 2011 (1,422 homes sold in December 2012 compared to 1,421 in December 2011);
• Osceola: 3.88 percent below December 2011 (471 homes sold in December 2012 compared to 490 in December 2011); and
• Seminole: 17.23 percent above December 2011 (619 sold in December 2012 compared to 528 in December 2011).

2012 Year-end Recap

• Overall sales in 2012 were up by 3.16 percent over 2011. A total of 28,670 homes were sold in 2012 compared to 27,791 the previous year.
• Sales of normal homes in 2012 increased 30.17 percent over 2011. Short sales increased by 3.71 percent while bank-owned sales declined by 26.43 percent.
• The 2012 year-end year-to-date median price increased 10.10 percent to $121,000 compared 2011’s $109,900.
• Orlando’s overall inventory experienced a 24.13 percent decline, year to date; single-family home inventory declined 27.87 percent, year to date.
• By year’s end in 2012, 35,310 homes were sold in the Orlando MSA while 34,785 homes had been sold by year’s end in 2011 (for a 1.51 percent decrease). 

Each county’s 2012 year-end sales comparisons are as follows:

• Lake: 13.01 percent above 2011 (4,922 homes sold in 2012 compared to 4,352 in 2011);
• Orange: 0.78 percent below 2011 (17,886 homes sold in 2012 compared to 18,027 in 2011);
• Osceola: 10.04 percent below 2011 (5,779 homes sold in 2012 compared to 6,424 in 2011); and
• Seminole: 12.39 percent above 2011 (6,723 sold in 2012 compared to 5,982 in 2011).

For detailed statistical reports, click on "Market Info” on the top menu bar.

This representation is based in whole or in part on data supplied by the Orlando Regional REALTOR® Association and the My Florida Regional Multiple Listing Service. Neither the association nor MFRMLS guarantees or is in any way responsible for its accuracy. Data maintained by the association or MFRMLS may not reflect all real estate activity in the market. Due to late closings, an adjustment is necessary to record those closings posted after our reporting date.

ORRA REALTOR® sales, referred to as the core market, represent all sales by members of the Orlando Regional REALTOR® Association, not necessarily those sales strictly in Orange and Seminole counties. Note that statistics released each month may be revised in the future as new data is received. 

Orlando MSA numbers reflect sales of homes located in Orange, Seminole, Osceola, and Lake counties by members of any REALTOR® association, not just members of ORRA.

"The sizzle is back,” said 2012 Florida REALTORS® President Summer Greene, describing the state of Florida’s real estate market. "With home sales strongly trending up and the supply of homes for sale drying up, the market is hot. And we expect these trends to continue into 2013 with the jobs market improving, low mortgage rates continuing and consumer confidence getting stronger.”

Statewide closed sales of existing single-family homes totaled 17,072 in November, up 24.4 percent compared to the year-ago figure.

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Lawrence Yun , NAR chief economist, says there is healthy market demand. "Momentum continues to build in the housing market from growing jobs and a bursting out of household formation," he maintains. "With lower rental vacancy rates and rising rents, combined with still historically favorable affordability conditions, more people are buying homes. Areas impacted by Hurricane Sandy show storm-related disruptions but overall activity in the Northeast is up, offset by gains in unaffected areas."

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Detailed statistical reports

Orlando area home sales soared 19.88 percent in November, led by a thunderous 50 percent increase in the number of traditional sales, reports the Orlando Regional REALTOR® Association.

The jump in traditional sales, which typically have steeper price tags than foreclosures and short sales, drove Orlando’s median price to its highest in three years. The November median of $129,000 is 12.17 percent above that of November 2011 ($115,000) and 5.31 percent above that of October 2012 ($122,500).

Orlando’s overall median price has now posted positive year-to-year gains for 17 consecutive months. In addition, the median price has climbed 19 percent since January 2012 and 36 percent since January 2011.

"All of our indicators point to a clearly improving housing market in Orlando,” says ORRA Chairman Stephen Baker, RE/MAX Central Realty. "I’m particularly heartened by the jump in traditional sales, which illustrates a pent-up demand from buyers. This is what owners who want to sell — but have been reluctant to put their homes on the market — have been waiting for.”

All sales types experienced year-to-year increases in median price in November. The median price of normal sales increased 4.76 percent, while the median price of foreclosures increased 12.43 percent and short sales increased 4.76 percent.

Completed Sales

Members of ORRA participated in 2,430 home sales that closed in November 2012, an increase of 19.88 percent compared to November 2011 and a 5.89 percent decrease compared to October 2012.

Compared to November of 2011, the number of short sales (705) decreased 6.62 percent and foreclosures (507) increased 9.74 percent. The number of completed traditional sales (1,218), however, jumped 50.37 percent compared to last year.

Homes of all types spent an average of 83 days on the market before coming under contract in November 2012, and the average home sold for 96.27 percent of its listing price. In November 2011 those numbers were 99 days and 95.19 percent, respectively.

The average interest rate paid by Orlando homebuyers in November, 3.47 percent, set yet another record as lowest average interest rate since ORRA began tracking the statistic in 1989. A year ago, homebuyers paid an average interest rate of 4.10 percent.

Pending Sales

Pending sales – those under contract and awaiting closing – are currently at 8,847. The number of pending sales in November 2012 is 0.70 percent lower than it was in November 2011 (8,909) and 4.38 percent lower than it was in October 2012 (9,252).

Short sales, which take much longer to process from contract to close, made up 67.37 percent of pending sales in November 2012. Normal properties accounted for 21.04 percent of pendings, while bank-owned properties accounted for 11.60 percent.

Inventory

The number of existing homes (all types combined) available for purchase in Orlando is continuing a steady decline that began back in July 2010 at 16,563 and now rests at 7,847. In November 2012, inventory was 22.58 percent less than it was in November 2011.

The inventory of single-family homes is down by 25.53 percent when compared to November of 2011, while condo inventory has decreased by 3.71 percent.

The month-of-supply increased a bit in November when compared to last month: Current inventory combined with the current pace of sales equates to a 3.23-month supply of homes in Orlando (there was a 3.13-month supply in October 2012).

Affordability

This month’s increase in median price has led to a decrease in Orlando’s affordability index: The October index of 247.25 percent is eight points lower than October 2012’s index of 259.29 percent. (An affordability index of 99 percent means that buyers earning the state-reported median income are 1 percent short of the income necessary to purchase a median-priced home. Conversely, an affordability index that is over 100 means that median-income earners make more than is necessary to qualify for a median-priced home.)

Buyers who earn the reported median income of $54,758 can qualify to purchase one of 4,441 homes in Orange and Seminole counties currently listed in the local multiple listing service for $318,947 or less. First-time homebuyer affordability in November decreased to 175.82 percent from last month’s 184.38 percent.

First-time buyers who earn the reported median income of $37,235 can qualify to purchase one of the 3,195 homes in Orange and Seminole counties currently listed in the local multiple listing service for $192,786 or less.

Condos and Town Homes/Duplexes/Villas

The sales of condos in the Orlando area increased by 22.74 percent in November when compared to November of 2011 (367 to 299).

The most (110) condos in a single price category that changed hands in November were yet again in the $1 - $50,000 price range and accounted for 29.97 percent of all condo sales.

Orlando homebuyers purchased 219 duplexes, town homes, and villas in November 2012, which is a 1.35 percent decrease compared to November 2011. Most (32 each) fell equally within the $100,000 - $120,000 and the $140,000 - $160,000 price range categories.

MSA Numbers

Sales of existing homes within the entire Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in November were up by 13.40 percent when compared to November of 2011. Throughout the MSA, 2,869 homes were sold in November 2012 compared with 2,530 in November 2011. To date, sales are up 0.82 percent for all counties combined.

Each individual county’s monthly sales comparisons are as follows:

• Lake: 27.87 percent above November 2011 (390 homes sold in November 2012 compared to 305 in November 2011);
• Orange: 5.80 percent above November 2011 (1,440 homes sold in November 2012 compared to 1,361 in November 2011);
• Osceola: 3.62 percent above November 2011 (458 homes sold in November 2012 compared to 442 in November 2011); and
• Seminole: 37.68 percent above November 2011 (581 sold in November 2012 compared to 422 in November 2011).

For detailed statistical reports, click on "Market Info” on the top menu bar.

This representation is based in whole or in part on data supplied by the Orlando Regional REALTOR® Association and the My Florida Regional Multiple Listing Service. Neither the association nor MFRMLS guarantees or is in any way responsible for its accuracy. Data maintained by the association or MFRMLS may not reflect all real estate activity in the market. Due to late closings, an adjustment is necessary to record those closings posted after our reporting date.

ORRA REALTOR® sales, referred to as the core market, represent all sales by members of the Orlando Regional REALTOR® Association, not necessarily those sales strictly in Orange and Seminole counties. Note that statistics released each month may be revised in the future as new data is received.

Orlando MSA numbers reflect sales of homes located in Orange, Seminole, Osceola, and Lake counties by members of any REALTOR® association, not just members of ORRA.

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The Pending Home Sales Index increased 5.2 percent to 104.8 in October from an upwardly revised 99.6 in September and is 13.2 percent above October 2011.

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"The state’s latest unemployment rate fell to 8.5 percent, the lowest in nearly four years – and combined with the momentum of the housing market, it clearly shows that Florida is on a positive path and has been for months," says Florida REALTORS® President Summer Greene.

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"Rising home prices have already resulted in a $760 billion growth in home equity during the past year," says Lawrence Yun, NAR chief economist. "Given that each percentage point of price appreciation translates into an additional $190 billion in home equity, we could see close to a $1 trillion gain next year."

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Detailed statistical reports

Homes in Orlando are coming under contract an average of 25 percent faster than this time last year — and at a speed not seen since the tail end of the red-hot market in 2005-2006 — reports the Orlando Regional REALTOR® Association. Homes spent an average of 79 days on the market in October, which is a 25.47 percent drop from the 106 days homes spent on the market in October 2011.

In addition, buyers are purchasing more homes and paying more for them. Sales of homes in the Orlando area jumped 14 percent in October when compared to October of last year, boosted by a nearly 30 percent leap in the number of normal sales transactions. The median price increased 9.24 percent to $122,900, from October 2011’s median price of $112,500.

Orlando’s overall median price has now posted positive year-to-year gains for 16 consecutive months. However, the median price dipped a bit (1.60 percent) from last month.

"We’ve seen significant, steady improvements in sales and median price throughout 2012, and Orlando’s housing market recovery should continue through the coming years,” says ORRA Chairman Stephen Baker, RE/MAX Central Realty. "However, it’s crucial that there are no further limitations on the availability of mortgage credit.”

All sales types experienced year-to-year increases in median price in October. The median price of normal sales increased 4.61 percent, while the median price of foreclosures increased 8.44 percent and short sales increased 7.37 percent.

Completed Sales

Members of the Orlando Regional REALTOR® Association participated in 2,434 home sales that closed in October 2012, an increase of 14.17 percent compared to October 2011 and a 6.01 percent increase compared to September 2012.

Compared to October of 2011, the number of short sales decreased 1.36 percent and foreclosures increased 9.36 percent. The number of completed traditional sales, however, jumped a 29.86 percent compared to last year.

Homes of all types spent an average of 79 days on the market before coming under contract in October 2012, and the average home sold for 96.29 percent of its listing price. In October 2011 those numbers were 106 days and 94.66 percent, respectively.

The average interest rate paid by Orlando homebuyers in October, 3.49 percent, set yet another record as lowest average interest rate since ORRA began tracking the statistic in 1989. A year ago, homebuyers paid an average interest rate of 4.21 percent.

Pending Sales

Pending sales – those under contract and awaiting closing – are currently at 9,252. The number of pending sales in October 2012 is 3.52 percent higher than it was in October 2011 (8,937) and 0.17 percent lower than it was in September 2012 (9,268).

Short sales, which take much longer to process from contract to close, made up 68.42 percent of pending sales in October 2012. Normal properties accounted for 20.36 percent of pendings, while bank-owned properties accounted for 11.22 percent.

Inventory

The number of existing homes (all types combined) available for purchase in Orlando is continuing a steady decline that began back in July 2010 at 16,563 and now rests at 8,094. In October 2012, inventory was 18.84 percent less than it was in October 2011.

The inventory of single-family homes is down by 21.49 percent when compared to October of 2011, while condo inventory has decreased by 3.57 percent.

The month-of-supply decreased in October when compared to last month: Current inventory combined with the current pace of sales equates to a 3.33-month supply of homes in Orlando (there was a 3.52-month supply in September 2012).

Affordability

This month’s decrease in median price has led to an increase in Orlando’s affordability index: The October index of 258.44 percent is seven points higher than September 2012’s index of 251.25 percent. (An affordability index of 99 percent means that buyers earning the state-reported median income are 1 percent short of the income necessary to purchase a median-priced home. Conversely, an affordability index that is over 100 means that median-income earners make more than is necessary to qualify for a median-priced home.)

Buyers who earn the reported median income of $54,701 can qualify to purchase one of 4,650 homes in Orange and Seminole counties currently listed in the local multiple listing service for $317,625 or less.

First-time homebuyer affordability in October increased to 183.78 percent from last month’s 178.67 percent. First-time buyers who earn the reported median income of $37,197 can qualify to purchase one of the 3,338 homes in Orange and Seminole counties currently listed in the local multiple listing service for $191,987 or less.

Condos and Town Homes/Duplexes/Villas

The sales of condos in the Orlando area increased by 2.33 percent in October when compared to October of 2011 (352 to 344).

The most (100) condos in a single price category that changed hands in October were yet again in the $1 - $50,000 price range and accounted for 28.41 percent of all condo sales.

Orlando homebuyers purchased 190 duplexes, town homes, and villas in October 2012, which is a 10.80 percent decrease compared to October 2011. Most (48) fell equally within the $100,000 - $120,000 and the $120,000 - $140,000 price range categories.

MSA Numbers

Sales of existing homes within the entire Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in October were up by 9.72 percent when compared to October of 2011. Throughout the MSA, 2,890 homes were sold in October 2012 compared with 2,634 in October 2011. To date, sales are down 0.92 percent for all counties combined.

Each individual county’s monthly sales comparisons are as follows:

• Lake: 22.49 percent above October 2011 (403 homes sold in October 2012 compared to 329 in October 2011);
• Orange: 9.63 percent above October 2011 (1,468 homes sold in October 2012 compared to 1,339 in October 2011);
• Osceola: 4.69 percent below October 2011 (447 homes sold in October 2012 compared to 469 in October 2011); and
• Seminole: 15.09 percent above October 2011 (572 sold in October 2012 compared to 497 in October 2011). 

For detailed statistical reports, please visit the"Market Info” section of www.orlrealtor.com.

This representation is based in whole or in part on data supplied by the Orlando Regional REALTOR® Association and the My Florida Regional Multiple Listing Service. Neither the association nor MFRMLS guarantees or is in any way responsible for its accuracy. Data maintained by the association or MFRMLS may not reflect all real estate activity in the market. Due to late closings, an adjustment is necessary to record those closings posted after our reporting date.

ORRA REALTOR® sales, referred to as the core market, represent all sales by members of the Orlando Regional REALTOR® Association, not necessarily those sales strictly in Orange and Seminole counties. Note that statistics released each month may be revised in the future as new data is received.

Orlando MSA numbers reflect sales of homes located in Orange, Seminole, Osceola, and Lake counties by members of any REALTOR® association, not just members of ORRA.

"Despite occasional month-to-month setbacks, we're experiencing a genuine recovery," says Lawrence Yun , NAR chief economist . "More people are attempting to buy homes than are able to qualify for mortgages, and recent price increases are not deterring buyer interest. Rather, inventory shortages are limiting sales, notably in parts of the West."

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Statewide closed sales of existing single-family homes totaled 15,643 in September, up 2 percent compared to the year-ago figure, according to data from Florida REALTORS® Industry Data and Analysis department and vendor partner 10K Research and Marketing.

Meanwhile, pending sales of existing single-family homes last month rose 40.1 percent over the previous September. The statewide median sales price for single-family existing homes in September was $145,000, up 7.4 percent from a year ago.

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Friday, November 2, 2012
9:00 am – 11:00 am
Hilton Orlando
6001 Destination Parkway
Orlando 32819

Register for a seat

Register to view online

Event participants will hear from Bank of America, CitiMortgage, GMAC Mortgage, JP Morgan Chase, and Wells Fargo on how to get short-sale offers approved, navigate the process more smoothly, and find help with difficult cases. Participants will also hear from the U.S. Department of Treasury about Making Home Affordable’s HAFA program.