Market Conditions
- Inventory increased by 41.2% from May 2022 to June 2022, with 1,586 more homes on the market in June than in May. This is the second consecutive month of rising inventory, following a 44.2% increase in May.
- Inventory increased by 75.5% from June 2021 to June 2022, jumping from 3,098 homes in June 2021 to 5,437 in June 2022.
- The average sales price in June was US$387,000, a 1.9% increase from May 2022; this marks a record high for the fifth consecutive month. This represents a 22.9% increase from June 2021 to June 2022, when the average home sales price was US$315,000 in June 2021.
- Interest rates rose from 5.3% in May 2022 to 5.5% in June 2022. These are the highest interest rates in the Orlando area since November 2008.
- Total sales in June 2022 decreased by 3.9%, with a total of 3,793 sales compared to 3,946 sales in May 2022. This represents a 14.1% decrease compared to June 2021, when total sales stood at 4,414.
- Homes spent an average of 20 days on the market in June, slightly less than in May 2022, when the average was 21 days.
- New listings increased by 11.3% from May 2022 to June 2022, with a total of 5,367 new homes on the market in June.
“A balanced real estate market has a six-month supply of homes,” said Tansey Soderstrom, president of the Orlando Regional REALTOR® Association. “In June, with rising interest rates and increasing inventory, we had more than a month’s supply of homes for sale for the first time since February 2021. Although it’s still a seller’s market, we continue to see signs that the market is beginning to stabilize, which is good news for buyers.”
Market Overview
- Interest rates continue to rise, as the average interest rate for June 2022 stood at 5.5%. This represents an 87.5% increase compared to June 2021, when interest rates stood at 2.9%.
- Pending sales decreased by 8.9% from May 2022 to June 2022, totaling 4,231 pending sales.
- 23 distressed homes (foreclosures and short sales) accounted for 0.6% of all home sales in June 2022. This represents a 4.2% decrease from May 2022, when 24 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 supply rose to 1.43 months in June 2022. This is the first time supply has exceeded one month since February 2021. A balanced market is defined as six months of supply.
- The number of new listings in June 2022 increased by 11.3% compared to May 2022, reaching 5,367 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.