• jimshorkey

Housing Market Activity: July 2021

Lake, Orange, Osceola, and Seminole Counties


State Of The Market

  • Orlando's median home price reached $320,000 in July 2021, continuing a six month trend of record setting prices. The increase is 18.5% from July 2020, when the median home price was $270,000.

  • Sales fell 5.2% in July 2021 compared to the previous month; however they have spiked 13.7% from July 2020.

  • The time homes are spending n the market has reached a historic low. In July 2021, homes spent just 26 days on the market.

  • Inventory rose for a third straight month in July 2021 but is still down 43.3% year-over-year.

Market Snapshot

  • ORRA members sold 4,183 homes in July 2021, a 5.2% decrease from the 4,414 homes sold in June 2021. Home sales are up 13.7% from July 2020.

  • Interest rates fell to an average 2.83% in July 2021, continuing four straight months of decline.

  • Listings spent just 26 days on the market in July 2021 - the lowest in ORRA's recorded history. That is a full month less than the time listings spent on the market in July 2020.

  • 44 distressed homes accounted for 1% of all home sales in July 2021. That is an increase of0.3% from the previous month.

Inventory

  • Orlando area inventory has fallen from 6,220 homes in July 2020 to 3,524 homes in July 2021. However, this is an increase from June 2021's 3,098 homes.

  • The supply of homes ticked up to 3.5 weeks in July 2021. A balanced market is six months supply.

  • The number of new listings increased for a fifth straight month to 4,710 homes. That is an increase of 13% year-over-year and 2% from June 2021.