State of the Market

• The median home price for June was recorded at $385,000, up from $378,000 in May. Median home prices have increased every month this year.
• Median home price in June 2023 was close to June 2022, when it was recorded at $387,000.
• New listings rose 7.1% from May to June, with 3,703 new homes on the market in June, compared to 3,459 in May.
• Homes spent an average of 41 days on the market (DOM) in June, down from 45 days in May. This is 105.0% higher than June 2022 when homes spent an average of 20 days on the market.
• Overall sales fell 0.8% from May to June. There were 3,124 sales in June, down from 3,150 sales in May.
• June’s interest rate was recorded at 6.7%, up slightly from 6.6% in May.
• Inventory for June was recorded at 5,450, up 5.8% from May when inventory was recorded at 5,149.
• Inventory in June 2023 (5,450) was 0.2% higher compared to June 2022, when it was recorded at 5,437 homes.
• “Now that we’re officially halfway through the year, Orlando’s housing market remains strong,” said Lisa Hill, Orlando Regional REALTOR® Association President. “June’s housing data is a strong indication of what the rest of the year will look like – we can expect to continue to see more inventory and great prices for homes, which is good news for buyers and sellers.”

Market Snapshot

• Interest rates increased from 6.6% in May to 6.7% in June. This is 20.6% higher than June 2022 when interest rates were 5.5%.
• Pending sales fell, with 4,304 in May and 3,964 in June.
• 28 distressed homes (bank-owned properties and short sales) accounted for 0.9% of all home sales in June. That represents a 33.3% increase from May, when 21 distressed homes sold.

Inventory

• Orlando area inventory increased 5.8% from May to June. Inventory in May 2023 was 5,149 and inventory in June was 5,450.
• The supply of homes increased to 1.74 months in June, up 6.7% from 1.63 months in May. A balanced market is six months of supply.

• The number of new listings increased from May to June by 7.1% – from 3,459 homes to 3,703 homes.

ORRA’s full State of the Market Report for June can be found here.

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By: www.orlandorealtors.org

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