Residential Real Estate News
Greater Orlando Area Home Sales Down 11 Percent in June
According to the latest data from the Orlando Regional Realtor Association, the median home price in June reached $395,000, an increase from $385,000 in May. This marks the highest monthly median home price ever recorded in the Orlando area and the second time in 2024 that this record has been broken.
Inventory for June stood at 10,796, reflecting a 5.0% rise from May's inventory of 10,282. This marks the sixth consecutive month of rising inventory, with the last comparable high occurring in November 2015.
Overall residential sales saw a decline of 10.6% from May to June 2024, with 2,601 sales recorded in June compared to 2,909 in May, ending a four-month trend of increasing sales.
The interest rate for June was reported at 6.7%, a slight increase from 6.6% in May.
Pending sales dropped by 8.3%, from 4,298 in May to 3,940 in June.
New listings also decreased by 8.4%, with 4,143 new homes listed in June, down from 4,521 in May.
The average days on market (DOM) for homes remained steady at 54 days in June, unchanged from May and April.
"Demand in the Orlando market is holding strong this summer, as evidenced by median home prices in June," said Rose Kemp, Orlando Regional Realtor Association President. "The good news for buyers is that we are continuing to see inventory rise. More inventory gives buyers more options and more power to negotiate with the seller in the home-buying process."
