July marked the second best sales month this year for Orlando home re-sales.  Second only to June, 1,436 transactions were recorded versus June’s 1,489 Orlando home sales.  For the Orlando market June is typically a peak month so the slight decrease comes as no surprise.  Another indicator suggesting market stabilization is the July 08 to July 07 comparison.  July marked the second month in a row where the year over year decline was less than 10% (it was just less than 6%).  Orlando’s core real estate market – Orange and Seminole counties show a 26.7 percent increase in homes under contract as compared to a year ago.  This bodes well for sales throughout the rest of 08. 

The median price of Orlando homes, townhomes and condos was down from 2007 by 21% (at $207,500), but again this is no surprise based on the fact that the median price peaked at $264,436 in June of last year even though local market sales peaked in August of 2005. 

There were 24,742 properties listed for sale in the Orlando Multiple Listing Service in July.  This was up in a month to month comparison but was 5% lower than the inventory in July 07.  The third month in a row to show year over year inventory decline.

Average days on the market for July 08 was 117 days.  This is declining but still well above 07 numbers.

Average interest rate for a 30-year fixed rate mortgage in July was 6.4%.  The highest rate so far in 2008, but lower than those of a year ago.

For more information about Orlando real estate or Orlando home financing, please contact the British Homes Group.