State of the Market
- The median home price for July 2022 was recorded at $380,900, a decrease of 1.6% compared to June. This is the first time in six months that the median home price has fallen.
- Inventory jumped by 19.9% in a single month, from June to July – that’s 1,081 more homes for sale. This is the third straight month of double-digit inventory increases.
- Looking at May-July of this year compared to the same period last year, inventory has risen 67.38%. There has been an average of 2,121 more homes on the market this summer compared to last summer.
- Interest rates remained relatively flat – 5% in June vs. 5.4% in July. The July rate is still 89.2% higher than 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 dropped 20.9% in July 2022 compared to July of last year.
- Homes spent an average of 21 days on the market in July, up slightly from June when the average was 20 days.
- New listings decreased by 11.6% from June to July, with 4,746 new homes on the market in July.
- “With a drop in median home price and another big jump in inventory, July’s data shows just how quickly Orlando’s housing market conditions can change,” said Tansey Soderstrom, Orlando Regional REALTOR® Association President. “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 looking to purchase a home. The local market continues to show signs of cooling off a bit and is trending toward a more balanced market.”
- Interest rates fell slightly as the average interest rate for July was recorded at 5.4%. This is 89.2% higher than July 2021 when interest rates were 2.8%.
- Pending sales decreased by 4.8% from June to July for 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. That represents a 21.7% decrease from June, when 23 distressed homes sold.
- Orlando area inventory 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 a 134% increase from July 2021, when there was only supply for .84 months. A balanced market is six months of supply.
- The number of new listings decreased in July from June by 11.6% down to 4,746 homes.
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