Housing Market Activity: June 2021
Lake, Orange, Osceola, and Seminole Counties
State Of The Market
Median home prices in the Orlando area reached a new high in June 2021. That is a 5% increase from the previous month an a 19% increase over June 2020, when the median home price was $265,000.
Sales increased 14% from May to June of this year, as the number of new listings continues to rise. This is on par with nationwide trends noted by the National Associations of REALTORS.
Listings are spending an average of just 29 days on the market. However, there was only 0.7 months of supply in June 2021, which is a slight drop from May 2021. A balanced market is 6 months of supply.
ORRA members sold 4,414 homes in June 2021, a 14% increase from the 3,872 homes sold in May 2021. Compared to June 202, when Central Florida reopened from lockdowns, home sales jumped 42%.
Average interest rates ticked down slightly to 2.95% in June 2021, a 0.2% drop from May 2021. This is the third straight month the average interest rate has fallen since it began creeping back up in December 2020.
36 distressed homes (bank-owned properties and short sales) accounted for 0.8% of all home sales in June 2021, a decline from the previous month.
Orlando area inventory is down 52.8% from 6,557 homes in June 2020 to just 3,098 homes in June 2021. It has increased 9.8% from 2,822 homes in May 2021.
The supply of homes was just three weeks in June 2021, staying steady from the two previous months.
The number of new listings increased for a fourth straight month to 4,617 homes. That is an increase of 21% year-over-year and 7% from May 2021 to June 2021.