Market Conditions
- The average home price for July 2022 was recorded at $380,900, a 1.6% decrease from June. This is the first time in six months that the average home price has fallen.
- Inventory rose 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 inventory.
- Comparing May through July of this year to the same period last year, inventory increased by 67.38%. There were 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 with 5.4% in July. The July rate is still 89.2% higher than it was in July 2021, when interest rates stood at 2.8%.
- Overall sales in July 2022 declined by 12.8%, totaling 3,309 sales compared with 3,793 sales in June.
- Overall sales fell 20.9% in July 2022 compared with July of last year.
- Homes spent an average of 21 days on the market in July, slightly longer than in June, when the average was 20 days.
- New listings fell 11.6% from June to July, with 4,746 new homes on the market in July.
“With a drop in the average home price and another big jump in inventory, the July data show just how quickly conditions in the Orlando housing market can change,” said Tansey Soderstrom, president of the Orlando Regional REALTOR® Association. “We’ve already seen three consecutive months of significant increases in inventory. While prices may not be falling much, buyers finally have more options when purchasing a home. The local market continues to show signs of cooling off slightly and is moving toward a more balanced market.”
Market Overview
- Interest rates fell slightly, as the average interest rate for July stood at 5.4%. This is 89.2% higher than in July 2021, when interest rates stood at 2.8%.
- Pending sales decreased by 4.8% from June to July, totaling 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 21.7% decline from June, when 23 distressed homes were sold.
Inventory
- Housing inventory in the Orlando area increased by 41.2% from May 2022 to June 2022, rising from 3,851 homes to 5,437 homes. Inventory in June 2022 was 75.5% higher than in June 2021
- Housing inventory in the Orlando area increased by 19.9% from June to July, rising from 5,437 homes to 6,518 homes. Inventory in July 2022 was 85% higher than in July 2021, when it stood at 3,542 homes.
- Housing supply rose to 1.97 months in July. This represents a 134% increase compared to July 2021, when supply stood at just 0.84 months. A balanced market is defined as six months of supply.
- The number of new listings fell by 11.6% in July compared to June, to 4,746 homes.
The full Market Situation report published by ORRA can be found here.
Updated Real Estate Market Indicators
Below you can find the latest real estate market figures for 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 the 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 account for closings published after the report date.
ORRA Realtor® sales refer to sales involving members of the Orlando Regional Realtor® Association, 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.
The Orlando MSA figures reflect home sales in Orange, Seminole, Osceola, and Lake counties by members of any Realtor® association, not just ORRA members.