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FannieHillman.com | 7 HILLMA N HOMES | M A R K E T R E P O R T he first half of this year has shown strong growth in Orlando's existing home market and consumer confidence, ranking The City Beautiful among the top 10 best markets for buyers this year. That's great news for a real estate market that continues to show signs of continued growth, setting records for median prices and the number of transactions over a year ago. Plus the local market offers a heathy supply of existing homes for first-time buyers and people looking to downsize or upsize their lifestyle. During the first four months of 2015, the median price for sold properties and active listings in Orange and Seminole counties were up over the same four months last year as well as with sales and pending sales. The median price for sold properties for the first four months of 2015 was $179,000, up 6.5% from the same period last year, while the median price for active listings was $269,000 as of May 13. Those numbers should continue to rise as we move through the summer. The local market continues to demonstrate an ability to maintain a 4-6-month supply of homes which typically defines a market balanced by buyers and sellers. Orange and Seminole counties had just a 3.2-month supply in mid-May, largely attributed to a bump up in closed transactions the past few months. Inventory in Winter Park, Baldwin Park, College Park, Maitland, Colonialtown and downtown Orlando—totaled 1,152 on May 13, ranging from a two-month supply in east Winter Park (32792) to a 5.1-month supply in Winter Park (32789). Even more good news— the percentage of distressed properties under contract is also down. Of the 5,680 pending sales in early May in Orange and Seminole counties, 39.9% were distressed properties, down from 52.5% last May. Even more promising is the fact that distressed properties accounted for only 17% of all active listings in the two counties in May, down from 24% last May. Although the process of moving these properties off the books is taking longer than we'd hoped, significant progress has been made over the last two years. The recent rise in closed transactions is attributed to rising home prices and mortgage rates: the average rate on a 30-year fixed-rate was 3.80% on May 7, up from 3.68% the previous week. That has created some urgency to purchase among some prospective buyers who'd been waiting for prices to level off or perhaps dip. We don't expect we'll see a drop in prices anytime soon. There's also good news on the affordability of homes. Whether you are a first-time homebuyer or an investor, there still is some affordability in the Orlando market. Nearly 61% of the inventory is priced under $300,000, which creates a great opportunity for these buyers. With more consumers competing for homes during the summer months, buyers should be prepared to act quickly by being pre-approved for a loan. That will speed up the offer process and show sellers that yours is a viable offer. All of these numbers are all trending in the right direction and instilling stronger consumer confidence in the real estate market. Consumers want to get into the market and find their dream home. Even with the summer months traditionally a slower time for home sales, we anticipate pricing and demand to continue to build slowly. TODAY'S RECORD LEVEL OF SALES IS BEING DRIVEN BY SOLID MARKET FUNDAMENTALS. Bar graph courtesy of the Orlando Regional Realtor Association Existing Home Market And Consumer Confidence Show No Signs Of Slowing Down T

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