Market Analysis
Aug 11, 2023

Real Estate Activity in Orlando - June 2023

New report shows median home sale price higher this year as a surge in inventory hits the summer market.

Real Estate Activity in Orlando - June 2023

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Market situation

  • The median home price in June was recorded at $385,000, an increase from $378,000 in May. Average home prices have increased every month this year.
  • The median home price in June 2023 was close to that of June 2022, when it was recorded at $387,000.
  • New listings increased 7.1% from May to June, with 3,703 new homes on the market in June compared to 3,459 in May.
  • Homes stayed on the market an average of 41 days in June, a decrease from 45 days in May. This is 105.0% higher than in June 2022, when homes spent an average of 20 days on the market.
  • Total sales fell 0.8% from May to June. There were 3,124 sales in June compared to 3,150 sales in May.
  • The June interest rate was recorded at 6.7%, up slightly from 6.6% in May.
  • Inventory in June was recorded at 5,450, an increase of 5.8% from May when inventory was recorded at 5,149.
  • The inventory in June 2023 (5,450) was 0.2% higher compared to June 2022 when it was recorded at 5,437 homes.
"Now that we are officially halfway through the year, the Orlando real estate market continues to be strong," said Lisa Hill, President of the Orlando Association of Realtors. "June's housing market data is a strong indication of how the rest of the year will play out - we can expect to continue seeing more inventory and great prices for homes, which is good news for buyers and sellers."

Market overview

  • Interest rates increased from 6.6% in May to 6.7% in June. This represents an increase of 20.6% compared to June 2022, when interest rates were at 5.5%.
  • Pending sales fell, with 4,304 in May and 3,964 in June.
  • 28 distressed homes (bank-owned properties and short sales) accounted for 0.9% of all home sales in June. This represents a 33.3% increase from May, when 21 distressed homes were sold.

Stock

  • Orlando area inventory increased 5.8% from May to June. The inventory in May 2023 was 5,149 homes and in June it increased to 5,450 homes.
  • The supply of homes increased to 1.74 months in June, up 6.7% from 1.63 months in May. A balanced market has a six-month supply.
  • The number of new listings increased from May to June by 7.1% - from 3,459 homes to 3,703 homes.

The complete and most up-to-date State of the Market report published by ORRA can be found here.

Up-to-date real estate market indicators

Below you can check the updated figures of the real estate market in Orlando and region.

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This representation is based in whole or in part on data supplied 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. Data maintained by the association or by StellarMLS does not reflect all real estate activity in the market. Due to late closings, an adjustment is necessary to record those closings posted after our reporting date.

ORRA REALTOR® sales represent sales involving Orlando Regional REALTOR® Association members, who are primarily – but not exclusively - located in Orange and Seminole counties. Note that statistics released each month may be revised in the future as new data is received.

Orlando MSA numbers reflect sales of homes located in Orange, Seminole, Osceola, and Lake counties by members of any REALTOR® association, not just members of ORRA.

Access the source of this article here.

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Andrea Pointon

Andrea Pointon

CEO - Broker

Entrepreneur from an early age, Andrea conquered her space as an immigrant and today leads one of the most recognized real estate agencies in Orlando. She has received numerous awards and never tires of learning and improving professionally, serving entrepreneurs, investors, and families who trust in her professionalism and success for these very important decisions.