Summer home sales soften for Orlando

Orlando's housing market did not get its typical bump in prices from June to July, a new report shows.  The midpoint price for the core Orlando market in July was $205,382, which was down from $207,000 the month before during a time of year when prices usually surge as families relocate prior to the school year starting. Even with the slight month-over-month softening, prices were still 12 percent higher than a year earlier, according to a report released this week by the Orlando Regional Realtor Association.

Sales declined to 3,342 in July, which was down about 6 percent from both a month earlier and a year earlier.  "Competition for homes in the entry-level and mid-price range (under $300,000) continues to remain high, especially among first-time home buyers and investors," said Colony Realty Group Inc. agent John Lazenby, president of the real estate industry association.

Another sign of a less-than-robust summer was the amount of houses on the market. The inventory of listings edged up slightly to 3.19 months of supply from 2.99 months in June. Even though supply ticked up, it remained about half what is considered a normal for a market.

"Additionally, would-be sellers are staying put and hesitant to put their homes on the market because they will face high prices and few choices as they look for a new home," Lazenby said.
Despite declines in prices and sales, July home buyers were still hit with such a competitive landscape that houses came under contract in an average of 60 days — the smallest amount of time in more than a decade.

The month-over-month declines in sales and price came as interest rates on a 30-year mortgage remained relatively low at 3.45 percent. - Mary Shanklin, Contact Reporter @ the Orlando Sentinel.