May 2012 The Housing Market - Just Released June 15, 2012

SALES... *Orlando home sales (all home types combined) in May 2012 were down 5.88 percent when compared to May of 2011 and down 4.06 percent when compared to April 2012. *Single-family home sales in the Orlando area decreased by 2.71 percent in May when compared to May of last year. Condo sales decreased by 17.37 percent; duplex, town home, and villa sales decreased by 8.44 percent. *Of the 2,337 sales in May, 1,107 "normal” sales accounted for 47.37 percent of all sales, while 588 bank-owned and 642 short sales respectively made up 25.16 percent and 27.47 percent. *The number of "normal” sales in May increased by 19.55 percent over May 2011, while short-sales decreased 4.61 percent and foreclosures dropped 33.48 percent. *The 10,291 pendings in May of this year is an increase of 0.79 percent compared to the 10,210 pendings in May of last year. *Short sales made up 67.00 percent of pendings in May. Normal properties accounted for 20.00 percent and bank-owned properties accounted for 13.00 percent. *Sales of existing homes within the entire Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in May were down by 1.78 percent when compared to May of 2011. Each individual county’s monthly sales comparisons are as follows: Lake: 24.73 percent above May 2011 (469 homes sold in May 2012 compared to 376 in May 2011); Orange: 8.20 percent below May 2011 (1,511 homes sold in May 2012 compared to 1,646 in May 2011); Osceola: 13.42 percent below May 2011 (484 homes sold in May 2012 compared to 559 in May 2011); and Seminole: 12.35 percent above May 2011 (564 sold in May 2012 compared to 502 in May 2011). Median Price *The median price of all existing homes combined sold in May 2012, $120,000, is a 9.09 percent increase from the $110,000 median price recorded in May 2011. *The median price for "normal” existing homes sold in May is $160,000, is an increase of 3.23 percent from the median price of "normal” existing homes in May 2011. *The median price for short sales increased by 5.88 percent to $108,000, while the median price for bank-owned sales increased by 4.31 percent to $83,450. Inventory *There are currently 8,243 homes available for purchase through the MLS. The May 2012 overall inventory level is 24.85 percent lower than it was in May 2011. *Single-family home inventory is down 28.22 percent; condo inventory is up 1.18 percent. *The current pace of sales translates into 3.53 months of inventory supply. *New contracts are down 0.08 percent compared May of 2011. New listings are up 10.37 percent. Other *The Orlando affordability index decreased to 250.73 percent in April. First-time homebuyer affordability in May decreased to 178.30 percent. *Homes of all types spent an average of 85 days on the market before coming under contract in May 2012, and the average home sold for 95.57 percent of its listing price.