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

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Association members sold 1,854 existing homess last month, or 38 percent more than April and 44 percentr more than the same monthlast year. Of the homesd sold in May, 795 were bank-repossessed propertiex and another 150were distressed. Those saless have driven down the median home pricw in Mayto $130,000, a 38.5 perceng decrease. The median price for a traditionall home resalewas $165,000, $82,000 for bank-owned resales and $140,000 for distresseds sales. Meanwhile, sales of existing homes in Orange, Osceola and Seminole countiexs was up 44 percentlast month. There were 2,40o0 home resales in the Orlando area, compared to the 1,6623 sold in May 2008.
Through May, 10,005 homexs have be sold, 51.7 percenrt more than the 6,595 sold during the same period last Along withincreased sales, more than double the number of home s awaited closings in May, an indicator of an improvintg market, the report said. Ther e were 6,603 pending contracts last month, which comparess with 3,225 in the same montuh last yearand 3,455 homes came under contracyt in May 2009. Orlando area condo resaleas was 369in May, more than double May 2008’as 142 unit sales. The majority of those 198 units, were priced at $50,000o or less. The report said 156 duplex, townhome, and villw units sold in May, a nearlyg 36 percent increase fromMay 2008’a 115.
Most of those sales, 29 units, sold in the $100,000-$120,00o0 price category. Orlando’s affordabilit index is at nearly 198, whic means that buyers earningthe state-reportedx median income of $52,364 can qualifyg to purchase homes priced up to The first-time homebuyer affordability in Orlando is 140.6 which means first-time homebuyers who earn the reported median income of $35,608 can qualify to purchase a home listerd for $155,306 or less. All homes were on the marke for an average of 104 days before sellint inMay 2009. The average home sold for 94 percent of itslistinb price.
There were 19,1243 homes for sale through the Multiple Listing Serviceslast month, down 1,071 homes from April 2009. The May inventoryg level is nearly 24 percent lowerthan 25,014 available in May 2008. The May 2009 inventory reflectaa 10.31-month supply at the currenr sales pace.