Orlando’s housing market in July saw a surge in buyer activity that tipped home sales back into the black after three months of year-over-year declines thanks to good ‘ol COVID-19. The median price of homes sold in Orlando continued on its upward trend, while inventory fell to its lowest level this year, making competition for new homes FIERCE.
Orlando home sales and median price increase in July as the number of available homes to buy plummets
Orlando’s housing market in July saw a surge in buyer activity that tipped home sales back into the black after three months of precipitous year-over-year declines caused by the COVID-19 pandemic, reports the Orlando Regional REALTOR® Association. The median price of homes sold in Orlando continued on its upward path, while inventory fell to its lowest level this year.
“The steep pause in closing activity during April, May, and June created a transaction surge in July that was actually 1% greater than in July of last year,” explains ORRA President Reese Stewart, who also notes low interest rates as a factor that is driving buyers. “Orlando REALTORS® across the board are reporting a level of buyer demand that continues to far exceed the supply of available properties. We can easily attribute any future depression in sales to an accelerating lack of inventory.”
Median Price for Orlando Homes in July 2020
The overall median price of Orlando homes (all types combined) sold in July is $270,000, which is 9.2% above the July 2019 median price of $247,250 and 1.9% above the June 2020 median price of $265,000.
The median price for single-family homes sold in July 2020 increased 10.1% over July 2019 and is now $295,000. The median price for condos increased 5.1% to $145,000 and townhomes/villas/duplexes increased 4.6% to $224,900.
The Orlando housing affordability index for July was 137.74%, down from 139.10% last month. (An affordability index of 99% means that buyers earning the state-reported median income are 1% short of the income necessary to purchase a median-priced home. Conversely, an affordability index that is over 100 means that median-income earners make more than is necessary to qualify for a median-priced home.)
The first-time homebuyer’s affordability index decreased to 97.95% from 98.92% last month.
Orlando Home Sales in July 2020
Orlando REALTORS® sold 3,679 homes in July 2020, which is 1.4% more than sales during the same time period last year (3,628 in July 2019) and 18.6% more than the sales the month prior (3,103 sold in June 2020).
Orlando Homes Available in June 2020
The overall inventory of homes that were available for purchase in June (6,557) represents a decrease of 18.6% when compared to June 2019, and a 9.7% decrease compared to last month (May 2020). There were 26.8% fewer single-family homes; 6.3% more condos; and 19% more duplexes/townhomes/villas, year over year.
Current inventory combined with the current pace of sales created a 2.1-month supply of homes in Orlando for June. There was a 2.4-month supply in June of last year and a 3.4-month supply last month.
Average Mortgage Rates in July 2020
The average interest rate paid by Orlando homebuyers in July was 2.97%, down from 3.04% the month prior.
Average Time on Market for Orlando Homes Sold in July 2020
Homes that closed in June took an average of 54 days to move from listing to pending and an average of 39 days between pending and closing, for an average total of 93 days from listing to closing (up from a total of 87 days the month prior).
Orlando Housing Market Recap
This representation is based in whole or in part on data supplied by the Orlando Regional REALTOR® Association and the Stellar Multiple Listing Service. Neither the association nor StellarMLS guarantees or is in any way responsible for its accuracy. Data maintained by the association or by StellarMLS does not reflect all real estate activity in the market. Due to late closings, an adjustment is necessary to record those closings posted after our reporting date.
ORRA REALTOR® sales represent sales involving Orlando Regional REALTOR® Association members, who are primarily – but not exclusively – located in Orange and Seminole counties. Note that statistics released each month March be revised in the future as new data is received.