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August 12th, 2008 11:04 AM by David W. Welch
There were 1,436 closed sales in July which is down compared to 1,489 in June. As I have mentioned before June is typically a peak with a slight dropoff in July sales. The median price was also down as foreclosures and pre-foreclosure properties had a slightly greater impact on prices. The median price in July was $207,500, which was down from June's $216,000. Important to note is that July's median was down 17% from July 2007's median price of $250,000. Prices have come down significantly over the past year. Last months median price raises the area affordability index to 103.80 meaning the median income earners make nearly 4% more than the necessary income required to purchase the median priced home. Put another way, there are 11,620 homes in Orange and Seminole county that are priced within the means of someone earning the median income. That is a lot of inventory. The total inventory did inch up slightly to 24,742 which represents just over a 17 month supply of homes for sale. For more on this check back for a link to the complete Market Pulse on the home page of my website www.DavidWelch.com