New Orlando Regional REALTOR® Association data shows median home price falls for second consecutive month as homes spend more days on the market

State of the Market

• The median home price for August 2022 was recorded at $377,750, a slight decrease of 0.8% compared to July’s median home price, $380,900. This is the second month in a row that the median home price has fallen.
• Inventory rose 3.7% in August, from 6,518 to 6,762. This is the fourth straight month of inventory increases.
• Homes spent an average of 27 days on the market in August, jumping 28.6% from July when the average was 21 days.
• Interest rates remained relatively flat – 4% in July vs. 5.3% in August.
• Overall sales in August also remained flat, with a 0.5% increase for a total of 3,324 sales compared to 3,309 sales in July.
• Overall sales dropped 16.9% in August 2022 compared to August of last year.
• New listings decreased by 4.1% from July to August, with 4,550 new homes on the market in August.
• “With a drop in median home price and another inventory increase, we are seeing the Orlando housing market level out as we continue to move away from a period of volatility and enter a period of stability,” said Tansey Soderstrom, Orlando Regional REALTOR® Association President. “This is good for both buyers and sellers, as they can take a slower, more measured approach to buying or selling a home.”

Market Snapshot

• Interest rates fell slightly as the average interest rate for August was recorded at 5.3%. This is 86.1% higher than August 2021 when interest rates were 2.8%.
• Pending sales increased by 3.5% from July to August for a total of 4,171 pending sales.
• 6 distressed homes (bank-owned properties and short sales) accounted for 0.2% of all home sales in August. That represents a 66.7% decrease from July, when 18 distressed homes sold.

Inventory

• Orlando area inventory increased by 3.7% from July to August from 6,518 homes to 6,762 homes. Inventory in August 2022 was 85.9% higher than in August 2021, when it was recorded at 3,638 homes.
• The supply of homes increased to 2.03 months in August. This is the first month since June 2020 with over two months of supply. A balanced market is six months of supply.

• The number of new listings decreased in August from July by 4.1% down to 4,550 homes.

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By: www.orlandorealtors.org

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