Market Conditions
“Demand in the Orlando market remains strong this summer, as evidenced by yet another record high for the average home price in June,” said Rose Kemp, president of the Orlando Regional Association of REALTORS®. “The good news for buyers is that we’re continuing to see an increase in inventory. More inventory gives buyers more options and more bargaining power in the home-buying process.”
The average home price in June was $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 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.
June's inventory stood at 10,796, a 5.0% increase from May, when inventory stood at 10,282. This marks the sixth consecutive month of inventory growth. The last time inventory was this high was in November 2015.
The interest rate for June was recorded at 6.7%, up from 6.6% in May.
25 distressed properties (bank-owned properties and short sales) accounted for 1.0% of all real estate sales in June. This represents a 47.1% increase from May, when 17 distressed properties were sold.
New listings fell 8.4% from May to June, with 4,143 new homes on the market in June, compared with 4,521 in May.
The complete and most up-to-date Market Situation report published by ORRA can be found here