June 2015 Housing Market
Released July 15, 2015
*The median price of all existing homes combined sold in June 2015 — $181,500 — is a 7.73 percent increase from the $168,483 median price recorded in June 2014, and a 0.28 percent increase compared to May 2015.
*The median price for “normal” existing homes sold in June is $205,250, an increase of 6.90 percent from the median price of “normal” existing homes in June 2014.
*The year-to-year median price for short sales decreased by 2.96 percent in June, while the median price for bank-owned sales increased by 16.13 percent.
*The year-over-year median price for single-family homes increased by 8.11 percent, and the year-over-year median price for condos increased 8.77 percent.
*Orlando home sales (all home types and all sales types combined) in June 2015 were up 21.21 percent when compared to June of 2014 and up 10.20 percent compared to May 2015.
*Single-family sales increased 22.70 percent, while condo sales increased by 12.92 percent year to year.
*Of the 3,435 sales in June, 2,540 normal sales accounted for 73.94 percent of all sales, while 761 bank-owned and 134 short sales respectively made up 22.15 percent and 3.90 percent.
*The number of normal sales in June increased by 31.40 percent compared to June 2014, while foreclosures increased 13.75 percent and short-sales decreased 42.24 percent.
*The 6,901 pendings in June of this year is a decrease of 3.28 percent compared to the 7,135 pendings in June of last year (and a 1.64 percent decrease compared to the 7,016 pendings last month).
*Short sales made up 21.30 percent of pendings in June, a decline of 45.41 percent from June of last year. Normal properties accounted for 55.43 percent (an increase of 30.81 percent) of sales, and bank-owned properties accounted for 23.27 percent (an increase of 5.80 percent).
Sales of existing homes within the entire Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in June were up by 19.78 percent when compared to June of 2014. Year to date, sales are up 18.61 percent in the MSA.
Each individual county’s monthly sales comparisons are as follows:
• Lake: 10.22 percent above June 2014;
• Orange: 20.55 percent above June 2014;
• Osceola: 16.43 percent above June 2014; and
• Seminole: 28.42 percent above June 2014.
*There are currently 12,058 homes available for purchase through the MLS. The June 2015 overall inventory level is 4.69 percent higher than it was in June 2014; inventory is up 2.20 percent compared to May 2015.
*The inventory of normal sales increased 16.76 percent compared to June 2014, while foreclosure inventory is down 20.51 percent and short sale inventory is down 38.90 percent.
*Year-to-year single-family home inventory is up 1.51 percent; condo inventory is up 18.38 percent.
*The current pace of sales translates into 3.51 months of inventory supply.
*New contracts are up 13.55 percent compared to June of 2014. New listings are up 2.41 percent.
*The Orlando affordability index decreased to 168.23 percent in June. First-time homebuyer affordability in June decreased to 119.63 percent.
*Homes of all types spent an average of 67 days on the market (down from 73 days the month prior) before coming under contract in June 2015, and the average home sold for 97.02 percent of its listing price (down from 96.87 percent the month prior).
Florida Market Overview
*Sales, existing single-family: 7.70 percent increase in May 2015 compared to May 2015.
*Sales, existing condo: 0.10 percent increase in May 2015 compared to May 2014.
*Median price, existing single-family: 11.10 percent increase in May 2015 compared to May 2014.
*Median price, existing condo: 9.70 percent increase in May 2015 compared to May 2014.
National Market Overview
*Sales, existing single-family: 6.30 percent increase in May 2015 compared to May 2014.
*Sales, existing condo: 0.00 percent increase in May 2015 compared to May 2014.
*Median price, existing single-family: 10.00 percent increase in May 2015 compared to May 2014.
*Median price, existing condo: 0.40 percent increase in May 2015 compared to May 2014.
Persuasive Points Overview
*Homeownership is an investment in your well-being and future.
*Homeownership offers immediate benefits and long-term value.
*Today’s market offers great opportunities for buyers and sellers.
*Mortgage interest rates are low. Home prices are affordable.
*REALTORS® add value to the real estate transaction.
*REALTORS® are the most trusted resource for real estate information.
Economic and Social Benefits of Homeownership
*Homeowners benefit from the power of leverage. Buyers typically use their own money for just a portion of the home price, but the appreciation they realize is based on the property’s total value.
*Given the leverage in purchasing a home, the average return on a 5 percent down payment over 10 years is usually three to five times greater than stock market returns.
*The typical homeowner’s net worth ($205,200) was 49 times that of the typical renter ($4,200) in 2008, according to NAR calculations using the latest statistics from the Federal Reserve Board.
*Homeownership offers “pride of ownership” — giving you control over your surroundings.
*Homeownership strengthens communities. Homeowners are more likely to be involved and engaged in local issues, and they move less frequently than renters. This helps to prevent crime, improve childhood education and support neighborhood upkeep.
*Owning a home is one of the best ways to build long-term wealth, providing both equity accumulation and tax benefits over time.
Use-a-REALTOR® Discussion Topics
*It has never been more important than now to work with a REALTOR®, the local market professional, to properly gauge local neighborhood conditions.
*Distressed sales — foreclosures and short sales — account for more than a third of all transactions nationwide. This varies widely from market to market — sometimes even from neighborhood to neighborhood. Distressed homes typically are selling at a 15 percent discount, but this varies widely by market, as well.
*REALTORS® have access to the most up-to-date and comprehensive property listing and sales information, making them a buyer’s best resource in finding the home that is right for each customer.
*Many markets have two levels of pricing: distressed sales and traditional sales. Foreclosures and short-sales tend to carry prices as much as of 20 percent below traditional homes in the same area. REALTORS® can help both buyers and sellers navigate today’s tricky market conditions.
Source: NAR Surround Sound Campaign
Why Homeownership Matters…
*Homeowners are happier and healthier and enjoy a greater feeling of control over their lives.
*Owning a home is one of the best ways to build long-term wealth. Historically, a homeowner’s net worth has ranged from 31 to 46 times that of a renter.
*Homeowners are free to redecorate, renovate, and modify their homes as they wish.
*Most home owners enjoy stable housing costs — a fixed-rate mortgage payment might not change for 15 to 30 years while rent typically increases 3 percent a year.
*Homeowners can typically deduct mortgage interest and property taxes on their federal individual income tax return.
*People who own homes vote more, volunteer more and contribute more to their neighborhoods.
*Homeowners do not move as frequently as renters, providing more neighborhood stability. In turn, this stability helps reduce crime and supports neighborhood upkeep.
*Children of homeowners do better in school, stay in school longer, are more likely to participate in organized activities and spend less time in front of the television.
To the United States
*Sixty-seven percent of American households are owner-occupied. America is a nation of homeowners.
*Homeowners pay 80 to 90 percent of federal individual income taxes, contributing to federal programs that benefit all Americans.
*Every home purchased pumps $60,000 into the economy for furniture, home improvements, and related items.
*Housing accounts for more than 15 percent of the national Gross Domestic Product, a key driver of our national economy.
Source: NAR Homeownership Matters Campaign
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.
For detailed statistical reports and video, visit the Orlando Regional REALTOR®Association website.
Like this Post? Subscribe to our blog