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.
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.
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.