With fewer houses competing for buyers, the median price edged up from $115,000 in March to $116,00 in April. Last month’s mid-point price was up 10 percent from a year ago.

“The overall median price has increased for three consecutive months, while demand has created inventory declines for the last 18 months” said Stephen Baker, chairman of the Orlando-based association. “Add in today’s prices and the lowest mortgage rates since the 1950s, and now we have a market with buyers competing for available homes.”

Compared to a year ago, bank-owned sale prices increased by 6 percent, from $79,900 to $84,700; short-sale prices increased by 5.6 percent, from $90,000 to $95,000. And the price for a “normal sale” decreased by 2.2 percent, from $161,600 to $158,000. Traditional sales became have become more commonplace, making up 45 percent of Orlando’s sales in April. A year earlier they were about a third of all local sales.

Interest rates for a 30-year, fixed-rate mortgage edged up slightly during the month, from 3.99 percent in March to 4.03 percent in April. The association stressed that the rates remain close to historic lows of 3.92 percent in February.

The reduced number of houses on the market may have impacted April sales volumes. With 2,353 closings during the month, sales were down 3.4 percent from March and down 4.5 percent from a year earlier.

Homes that were listed for sale spent less time on the market than they had for more than a year. Homes of all types spent an average of 87 days on the market before coming under contract in April and the average home sold for 95.4 percent of list price. A year earlier, homes sat on the market an average of 104 days and sold for 94.1 percent of the asking price.

mshanklin@tribune.com or 407-420-5538