Inventory & Interest rates are low hmmmm....

The number of existing homes available for purchase in Orlando is continuing a steady decline that began back in July 2010 at 16,563 and now rests at 8,243. In May 2012, inventory was 24.85 percent less than it was in May 2011. The inventory of single-family homes is down by 28.22 percent when compared to May of 2011, while condo inventory has hatched a surprising increase of 1.18 percent. The month-of-supply statistic has set a new record low. The current inventory combined with the current pace of sales equates to a 3.53-month supply of homes in Orlando, which is a rate not seen since December of 2005 when it was a 3.58-month supply. Another boost to the housing market is that mortgage interest rates remain under 4 percent for a 30-year fixed-rate mortgage. If you're willing to look at a 15-year mortgage, you can find one for about 3 to 3.25 percent. Some lenders are now offering 10-year loans at 3 percent or less. These interest rates are a good indication of why the inventory is so low!