Market situation
- The average house price for July 2022 was recorded at US$380,900, down 1.6% on June. This is the first time in six months that the average house price has fallen.
- Stock increased by 19.9% in a single month, from June to July - that's 1,081 more homes for sale. This is the third consecutive month of double-digit increases in stock.
- Looking at May-July this year compared to the same period last year, stock has increased by 67.38%. There was an average of 2,121 more homes on the market this summer compared to last summer.
- Interest rates remained relatively stable - 5% in June compared to 5.4% in July. The July rate is still 89.2% higher than in July 2021, when interest rates were 2.8%.
- Overall sales in July 2022 decreased by 12.8%, with a total of 3,309 sales compared to 3,793 sales in June.
- Overall sales fell by 20.9% in July 2022 compared to July last year.
- Houses spent an average of 21 days on the market in July, slightly more than in June, when the average was 20 days.
- New listings fell by 11.6% from June to July, with 4,746 new homes on the market in July.
"With a drop in the median home price and another big jump in inventory, July's data shows how quickly conditions in the Orlando real estate market can change," said Tansey Soderstrom, president of the Orlando Regional REALTOR® Association. "We've now seen three consecutive months of significant increases in inventory. While prices may not be dropping much, buyers finally have more options when purchasing a home. The local market continues to show signs of cooling off a bit and is trending toward a more balanced market."
Market overview
- Interest rates fell slightly, as July's average interest rate was recorded at 5.4%. This is 89.2% higher than July 2021, when interest rates were 2.8%.
- Pending sales fell by 4.8% from June to July to a total of 4,029 pending sales.
- 18 distressed homes (bank-owned properties and short sales) accounted for 0.5% of all home sales in July. This represents a drop of 21.7% compared to June, when 23 distressed homes were sold.
Stock
- Orlando area inventory increased 41.2% from May 2022 to June 2022, from 3,851 homes to 5,437 homes. Inventory in June 2022 was 75.5% higher than in June 2021
- Inventory in the Orlando area increased by 19.9% from June to July, from 5,437 homes to 6,518 homes. Inventory in July 2022 was 85% higher than in July 2021, when it was recorded at 3,542 homes.
- The supply of homes increased to 1.97 months in July. This is an increase of 134% compared to July 2021, when there was only 0.84 months' supply. A balanced market is six months of supply.
- The number of new listings fell in July compared to June by 11.6% to 4,746 homes.
The full State of the Market report published by ORRA can be found here.
Updated real estate market indicators
Below you can see up-to-date figures on the real estate market in Orlando and the surrounding area.
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This representation is based in whole or in part on data provided by the Orlando Regional Realtor® Association and Stellar Multiple Listing Service. Neither the association nor StellarMLS guarantees or is in any way responsible for its accuracy. The data maintained by the association or StellarMLS does not reflect all real estate activity in the market. Due to late closings, an adjustment is necessary to record closings published after the date of the report.
ORRA Realtor® sales represent sales involving Orlando Regional Realtor® Association members, who are primarily - but not exclusively - located in Orange and Seminole counties. Please note that the statistics released each month may be revised in the future as new data is received.
Orlando MSA figures reflect sales of homes located in Orange, Seminole, Osceola and Lake counties by members of any Realtor® association, not just ORRA members.