The median home price in Orlando fell for the first time in six months and the inventory of homes for sale jumped again, according to the latest report from the Orlando Regional Realtor Association.
The report for July shows the median home price for the Central Florida area was $380,900, down 1.6% compared to June.
Meanwhile, the number of houses on the market jumped 19.9% from June to July. ORRA said that’s the third straight month of double-digit inventory increases. That’s 6,518 homes for sale. In July 2021, there were only 3,542 homes for sale.
Pending sales also fell 4.8% from June to July.
With interest rates remaining about the same over the last two months — 5.4% in July and expectations that the rate will increase in the coming months.
“We’ve now seen three consecutive months of significant increases in inventory. While prices may not be dropping much yet, buyers finally have more options when looking to purchase a property, with more options to choose from buyers can be in a stronger negotiating position as the inventory rises.
Vacay & Co Real Estate Team bringing you the latest update on the market in Central Florida. Contact us today if you have any questions at all. We specialize in helping buyers and sellers of vacation homes in Davenport, Kissimmee, South Clermont & Haines City.