Orlando housing inventory level reaches six-year low
Orlando's housing inventory fell 27% in April to the lowest level in six years, according to the Orlando Regional Realtor Association. In April, there were 11,480 homes ready for purchase in the Orlando area, down from 15,766 a year prior. "In addition to sales, inventory level is affected by the steadily decreasing number of homes going on in the market each month since March 2010,” said ORRA Chairman Mike McGraw. "New listings are down by 26% for the year and as a result, Orlando is resting on a market-healthy rate of 4.81 months of inventory." Inventory levels fell in every home category, with the inventory of condos falling the most — 53% over April of last year. The trade group said home sales in Orlando fell 9.68% in April, but, so far in 2011, sales are 1.82% above a year ago. The median price of homes rose for the third-straight month in April to $105,000. Even though the median price is trending back up, it is still 8.7% lower than the median selling price of $115,000 a year earlier. Write to: Kerri Panchuk.