Residential Real Estate News
Greater Orlando Area Home Sales Down 20 Percent Annually in May
According to the Orlando Regional Realtor Association, overall Central Florida home sales in May 2023 were 20.2% lower than May 2022 when there were 3,946 sales.
On a monthly basis, Central Florida home sales did rise 13.9% from April to May 2023. There were 3,150 sales in May, up from 2,766 sales in April.
ORRA reports the median home price for May was recorded at $378,000, up from $370,000 in April. This is a $28,000 increase since January. Median home prices have increased every month this year. Median home price in May 2023 was roughly the same as May 2022, when it was recorded at $379,950, despite May's interest rate at 6.6%, up from 6.4% in April 2023.
Homes spent an average of 45 days on the market (DOM) in May, down from 52 days in April. This is 114.3% higher than May 2022 when homes spent an average of 21 days on the market.
New listings rose 7.4% from April to May, with 3,459 new homes on the market in May, compared to 3,220 in April.
Orlando's housing inventory stayed level - there were 5,148 homes in April and 5,149 homes in May. Inventory in May 2023 (5,149) was 33.7% higher compared to May 2022, when it was recorded at only 3,851 homes.
"As we approach midway through the year, prices continue to rise and homes spend fewer days on the market," said Lisa Hill, Orlando Regional Realtor Association President. "The market cooled near the end of last year, but we have been on an upward trajectory ever since. Many families prefer to save their moves for summer when the kids are out of school, so we will likely be in for a busy selling season these next few months."
