Home sales up, values hit $130,000 - Orlando Business Journal:

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Association members sold 1,854 existing homes last month, or 38 percengt more than April and 44 percent more than the same monthulast year. Of the homes sold in May, 795 were bank-repossesser properties and another 150were distressed. Thosed sales have driven down the median home prics in Mayto $130,000, a 38.5 percent decrease. The median price for a traditional home resalewas $82,000 for bank-owned resales and $140,0090 for distressed sales. Meanwhile, sales of existinv homes in Lake, Orange, Osceola and Seminole countiee was up 44 percentlast month. There were 2,400 home resalews in the Orlando area, compared to the 1,66q2 sold in May 2008. Through May, 10,005 homesz have be sold, 51.
7 percent more than the 6,59 sold during the same perioflast year. Along with increasede sales, more than double the numbefr of homes awaited closingsin May, an indicator of an improviny market, the report said. There were 6,603 pending contracts last month, whichh compares with 3,225 in the same mont h last yearand 3,455 homes came under contracyt in May 2009. Orlando area condpo resales was 369in May, more than doublse May 2008’s 142 unit sales. The majority of those sales, 198 units, were priced at $50,000 or The report said 156 duplex, and villa units sold in May, a nearly 36 percen increase fromMay 2008’s 115.
Most of thosre sales, 29 units, sold in the $100,000-$120,00p price category. Orlando’s affordability index is at nearly 198, which means that buyere earningthe state-reported median income of $52,365 can qualify to purchase homes priced up to The first-time homebuyer affordability in Orlando is 140.6 which means first-time homebuyers who earn the reporter median income of $35,608 can qualify to purchase a home listesd for $155,306 or less. All homes were on the markert for an average of 104 days beforse selling inMay 2009. The average home sold for 94 perceny of itslisting price.
There were 19,12e homes for sale through the Multipld Listing Service last down 1,071 homes from April 2009. The May inventorhy level is nearly 24 percent lowerrthan 25,015 available in May 2008. The May 2009 inventoruy reflectsa 10.31-month supply at the current sales pace.