Market situation
"Demand in the Orlando market continues to be strong this summer, as evidenced by another record-breaking median home price in June," said Rose Kemp, president of the Orlando Area Association of REALTORS®. "The good news for buyers is that we are continuing to see increased inventory. More inventory gives buyers more options and more negotiating power in the real estate buying process."
The average home price in June was recorded at $395,000, up from $385,000 in May. This is the highest monthly average price ever recorded in the Orlando area. This is the second time in 2024 that the record has been broken.
Total sales fell by 10.6% from May to June. There were 2,601 sales in June, down from 2,909 in May. This breaks a streak of four consecutive months of rising sales.
Inventory in June was recorded at 10,796, an increase of 5.0% compared to May, when inventory was recorded at 10,282. This is the sixth month in a row that inventory has increased. The last time inventory was this high was in November 2015.
The June interest rate was recorded at 6.7%, up from 6.6% in May.
25 distressed homes (bank-owned properties and short sales) accounted for 1.0% of all real estate sales in June. This represents an increase of 47.1% compared to May, when 17 distressed homes were sold.
New listings fell 8.4% from May to June, with 4,143 new homes on the market in June, compared to 4,521 in May.
The full and most up-to-date State of the Market report published by ORRA can be found here