ORLANDO, Fla. – 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 Metro Orlando area was $380,900, down 1.6% compared to June.
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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 — the ORRA says this is more evidence that the housing market in Orlando is finally stabilizing.
“We’ve now seen three consecutive months of significant increases in inventory. While prices may not be dropping much, buyers finally have more options when looking to purchase a home,” ORRA president Tansey Soderstrom said in a news release.
Take a look at the July State of the Market report on the ORRA website.