Orlando’s housing inventory hit a record low this year, signaling the continued turnaround from the Great Recession but also the tight squeeze on a region already dealing with a severe shortage of affordable homes.

In January, there were just 7,030 homes on the market for sale, according to the most recent report from the Orlando Regional Realtors Association, a 15% drop from the year prior and a nearly 60% decline since the end of the recession in 2009. While the shrinking supply is a reflection of the strong local economy — a stark contrast from the 25,000 homes for sale following the financial crisis — it leaves a shortfall of 6,595 homes and makes it all the more difficult for residents looking to buy a home.

The greatest shortfall is still among more affordable homes, with the median price of a home in Orlando hovering around $245,000, a nearly 8% increase since last year. Martin pointed to rising land values, competition for skilled labor and increasing material costs in explaining why it’s become less lucrative and more difficult for developers to build affordable homes.

ORRA reports that there’s only a little more than a two-month supply of single-family homes priced below $300,000, almost three months worth of those priced between $300,000 and $399,000. By contrast, there is a nearly 8½-month supply of homes priced above $700,000 and more than a 17-month supply of those going for more than $800,000. Generally, a six-month supply indicates a market balanced between buyers and sellers.

“There is demand, but we’re struggling to feed that demand. If the consumer could afford a $400,000 home … we can produce that today and make a profit. But that’s not where the buyers are. The buyers are $300,000 and below. I still have buyers that come in and all they can afford is in the high $100,000s,” Martin said.