1. The Orlando Housing Market Steven L. Merchant, GRI Global Realty International 2013 ORRA Chairman of the Board

2. Orlando Annual Home Sales Orlando YTD Home Sales Orlando YTD home sales more than doubled since the low of 2008

3. Orlando Median Price (July 2005-2013) Orlando’s July 2013 median price increased by 44 percent since July 2010

4. Orlando Home Sales by Price Range Almost 40 percent of homes sold in July were priced $100,000 to $199,999

5. Orlando Home Sales by Price Range Orlando Home Sales by Financing 53 percent of homes sold YTD in 2013 were all cash

6. Orlando Home Inventory Orlando Inventory – July 2013 Orlando inventory decreased 69 percent since July 2008

7. Orlando Months of Inventory 5-7 months is generally considered a “balanced market”

8. Orlando Days on Market Orlando Average Days on Market Homes are going under contract in approximately 2 months

9. Orlando Pending Home Sales Pending home sales have more than tripled since July 2007

10. Average Interest Rate Interest rates have returned to levels seen in 2011 but remain low

11. Short Sales: 17.28% July 2012: 28.21% Normal Sales: 65.41% July 2012: 48.37% Foreclosures: 17.31% July2012: 23.41% Orlando Home Sales by Type Normal sales made up almost two-thirds of all home sales in July 2013

12. Orlando Median Price by Sales Type Sales of all types have seen median price increases

13. Sales in 2013 (YTD) YTD County Snapshot: Orange All zip code reports available at www.orlandorealtors.org. Total Units Sold10,969 Total Sales Volume$2,220,274,869 Average Sales Price$202,414 Average Cost Per Square Foot$108.03

14. Sales in 2013 (YTD) YTD County Snapshot: Seminole All zip code reports available at www.orlandorealtors.org. Total Units Sold4,168 Total Sales Volume$778,205,047 Average Sales Price$186,709 Average Cost Per Square Foot$97.68

15. Sales in 2013 (YTD) YTD County Snapshot: Osceola All zip code reports available at www.orlandorealtors.org. Total Units Sold3,512 Total Sales Volume$539,057,345 Average Sales Price$153,490 Average Cost Per Square Foot$85.03

16. Sales in 2013 (YTD) YTD County Snapshot: Lake All zip code reports available at www.orlandorealtors.org. Total Units Sold3,421 Total Sales Volume$501,114,537 Average Sales Price$146,482 Average Cost Per Square Foot$78.80

17. Issues Affecting the Real Estate Market Rising mortgage interest rates  Mortgage rates are low, but down payment requirements required and the credit worthiness of the borrower can make it difficult to secure a loan.  Great rates are only available to those with a good credit and a substantial down payment. A real crunch may come if rates rise and credit standards also remain high.

18. Issues Affecting the Real Estate Market Competition from all cash buyers  YTD - 53.22% of sales have been all cash.  Often fueled by international investors and retirees flooded with cash after selling their homes elsewhere.  First-time homebuyers often get squeezed out to the market.

19. Issues Affecting the Real Estate Market Low inventory of homes for sale  Banks have slowed down foreclosures and investors have bought many homes to rent them out.  New construction remains slow. In June, housing starts unexpectedly fell to the lowest level in almost a year.  Sellers are entering the market, but many area holding off because they’re underwater or awaiting price gains.

20. Top Issues Affecting the Real Estate Market Millennials aren’t forming households at the usual rate  In 2012, 39 percent of Millennials were in college. Many graduate with student debt. (Home ownership fell twice as fast from 2008 to 2012 among 30 year-olds with student debt as it did for loan-free 30-yearolds.)  Nearly 54 percent of people under 25 were unemployed or underemployed in 2012. Wages for college grads are also down, and their credit score is roughly 620.

21. More info at www.orlandorealtors.org Contact ORRA at orra@orlandorealtors.org