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.

Market Snapshot

• 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.

Inventory

• 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.