State of the Market
- The median home price for June was recorded at $385,000, up from $378,000 in May. Median home prices have increased every month this year.
- Median home price in June 2023 was close to June 2022, when it was recorded at $387,000.
- New listings rose 7.1% from May to June, with 3,703 new homes on the market in June, compared to 3,459 in May.
- Homes spent an average of 41 days on the market (DOM) in June, down from 45 days in May. This is 105.0% higher than June 2022 when homes spent an average of 20 days on the market.
- Overall sales fell 0.8% from May to June. There were 3,124 sales in June, down from 3,150 sales in May.
- June’s interest rate was recorded at 6.7%, up slightly from 6.6% in May.
- Inventory for June was recorded at 5,450, up 5.8% from May when inventory was recorded at 5,149.
- 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’re officially halfway through the year, Orlando’s housing market remains strong,” said Lisa Hill, Orlando Regional REALTOR® Association President. “June’s housing data is a strong indication of what the rest of the year will look like – we can expect to continue to see more inventory and great prices for homes, which is good news for buyers and sellers.”
Market Snapshot
- Interest rates increased from 6.6% in May to 6.7% in June. This is 20.6% higher than June 2022 when interest rates were 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. That represents a 33.3% increase from May, when 21 distressed homes sold.
Inventory
- Orlando area inventory increased 5.8% from May to June. Inventory in May 2023 was 5,149 and inventory in June was 5,450.
- The supply of homes increased to 1.74 months in June, up 6.7% from 1.63 months in May. A balanced market is six months of supply.
- The number of new listings increased from May to June by 7.1% – from 3,459 homes to 3,703 homes.
ORRA’s full State of the Market Report for June can be found here.
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.
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