The Orlando Sentinel reports on the areas May numbers. "Condominiums have finally joined single-family homes in the Orlando area's sales slowdown and are contributing to the year-over-year decline in existing-home deals overall, according to a report released Monday."

"The number of condos resold in May slipped to 419 units, down 12.2 percent from the same month a year ago; the first time this year the condo sector has turned negative, according to the Orlando Regional Realtor Association's monthly report."

"'People all around us, units are just not moving now the way they did,' said James Colligan, sales manager for The Azur at MetroWest. To keep sales moving, the converted apartment complex in west Orlando is 'the lowest-priced in the MetroWest area,' he said, with two-bedroom units starting at about $180,000."

"'We're working with people, first-time buyers, to make it work for them,' Colligan said." "The number of single-family homes resold in the Orlando market, down every month so far this year, dipped again in May to 2,070 houses, a 4.4 percent decline from a year earlier."

"Nearly 7,000 more homes of all types were added to the local Realtors' MLS in May, pushing the inventory of properties for sale in the Orlando area to a record 18,179, the group reported. 'I wouldn't be surprised to see us at 20,000 by the end of the year,' said (broker) Scott Hillman in Winter Park."

"For some property owners in South Florida, the Orlando market still appears to have value, particularly in condos, said Leanna Fruin, who has a contract pending on a unit at a condo-hotel planned near the Orange County Convention Center. 'I see potential for growth in the Orlando market,' said Fruin. She said she is buying a one-bedroom unit with a price 'in the mid-$300,000s' and plans to use it for herself, family and friends for part of the year, then renting it out the remainder of the time."

"May was the third month this year in which the inventory represented more than six months' worth of sales, the biggest such buildup of housing stock since early 1998."

"'In the past years, we’ve had trouble finding enough adjectives to describe the torrid pace of homes sales,' says ORRA President Beverly Pindling. 'In many cases a slowing from a hot market is a good thing because a solid housing sector is needed to provide an underlying base to an area’s economy.'"